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Nairaland Forum / Nairaland / General / Politics / NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa (18606 Views)
Local Rice Price Rise 73% In 12 Months – NBS / We May Start Selling Petrol Above N145 –IPMAN / Abdulfatah Ahmed Hints Of Dumping APC (2) (3) (4)
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Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by Just30: 2:06pm On Jul 11, 2019 |
Nigeria really have to stop subsidising fuel and remove the peg it has placed on the Naira against the dollar Else it will end up in bankruptcy. 1 Like |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by Nobody: 2:08pm On Jul 11, 2019 |
bigfish3k: By initially charging high prices for GSM servicies. Add the fact that the subscriber base too was growing...and the fact there was no price controls via subsidy brought in a lot of investment....MTN was eventually able to make a profit. |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by lexy2014: 2:08pm On Jul 11, 2019 |
bigfish3k: Thank u bros |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by lexy2014: 2:10pm On Jul 11, 2019 |
Just30: Nigeria isn't subsidizing fuel. It is enriching those in govt. They have been removing subsidy for ages yet d money meant for subsidy is increasing instead of decreasing |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by ebenezary(m): 2:17pm On Jul 11, 2019 |
Telkart19:Naso you mumu reach foolishness will not kill go and study better state economy |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by Rufai1314(m): 2:26pm On Jul 11, 2019 |
And most these West Africans country enjoyed stable power supply. Unlike Nigeria, where everything you want to do in this country you must use petrol or diesel. |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by lexy2014: 2:32pm On Jul 11, 2019 |
Telkart19: During d Abacha era, Abacha removed fuel subsidy cos just like his successors, he felt fuel subsidy was a burden on d country. But it was during his time that d refineries were finally killed& fuel importation became d norm. D refineries were actually starved of TAM in order to provide justification for fuel importation. Abacha came up with two words "deregulation" and "liberalisation" of d downstream sector. He also set up d Petroleum Products Pricing Regulatory Agency (PPPRA) headed by d late Rasheed Gbadamosi. As its name suggests, its core function was to regulate d prices of imported petroleum products in a sector d govt said it wanted to deregulate. As far as its liberalisation drive was concerned, instead of allowing major players to come into d sector to refine products locally, d govt gave product importation contracts to family & friends of Abacha. D oil majors have refineries in countries that don't have crude oil. D reason they can't replicate that in Nigeria isn't because of fuel subsidy, its because if they are allowed to, it will expose d corruption in govt& in nnpc. D telecoms model could have been used to liberalise d downstream sector, but Nigeria is still using d Abacha model with just some minor modifications. bigfish3k 2 Likes |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by Handsomebb: 2:36pm On Jul 11, 2019 |
We compare ourselves with other countries that's why we can't make it. |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by Just30: 2:36pm On Jul 11, 2019 |
lexy2014:if Nigeria is not subsidising fuel, fuel wont be sold at 145 naira. The mechanism being used is depriving the country of any money for development. 1 Like |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by lexy2014: 2:39pm On Jul 11, 2019 |
Just30: All d money allocated in d budget yearly, what is it meant for? What has been done with all d budgetary allocation thus far? Is it fuel subsidy money that is preventing Nigeria from developing? Have u ever asked urself y d refineries have refused to work? |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by Angelfrost(m): 3:11pm On Jul 11, 2019 |
Telkart19: We have always known this... So, why did members of this administration, and the dim-witted fellows supporting them, kick against the attempt of last administration to toe this line... Had it been allowed to fly then, do you know how far we would have advanced by now?... I still ask: What exactly has Buhari done differently from Jonathan, apart from the sham they call corruption war? |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by Nobody: 3:12pm On Jul 11, 2019 |
Angelfrost: 1. Because when it comes to good economic polices, Nigerians tend to play politics. Me, I focus on long term benefits. |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by ksstroud: 3:48pm On Jul 11, 2019 |
Telkart19: Quoting your quote; "if government is serious " My brother, this government and the previous ones aren't serious. That's the bane of our development. They all know those people but because they're the same rogues, they'll just be given excuses. The cabals in oil, gas, energy and infrastructures are government paddies paddies... 1 Like |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by tragergeorge(m): 3:53pm On Jul 11, 2019 |
bigfish3k:in 2035 wen I become President, I'll fix that |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by wizelink(m): 4:48pm On Jul 11, 2019 |
Why wont the pump price be increased since you are the new GMD? do you pay for fuel? do you know the level of poverty in nigeria presently and the ripple effect of increasing pump price on prices of other goods? who will suffer most the increament? GOD will surely deal with your likes. |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by Gerrard59(m): 4:56pm On Jul 11, 2019 |
1x2x3: More so at the ignoramuses who protested against subsidy removal seven years ago. Nigerians deserve whatever they get. 1 Like |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by bigfish3k: 5:35pm On Jul 11, 2019 |
lexy2014: can u imagine all these evil people. they were the ones campaigning against abacha and his policies then, painting him as evil, but later adopted his policies to punish us, but now we understand those campaigns were just jealousy and never for the love of the nation and its suffering citizens |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by Fourwinds: 6:14pm On Jul 11, 2019 |
Telkart19:nonsense.... Can u explain y diesel hasn't gone down to at least #100 since subsidy had been removed from it... You are all liars and y know it |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by NkayStory(f): 6:17pm On Jul 11, 2019 |
Good,afonjas go hear am... Haqhaqha!..you lots think you are doing Igbos ba?.. Next-level will deal with you lots too... |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by NkayStory(f): 6:19pm On Jul 11, 2019 |
1x2x3: I love you for this!!!..oya take am |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by Nobody: 6:23pm On Jul 11, 2019 |
Fourwinds: Be more decorous and polite in your language please. I did not call you a liar. You did. |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by rumaabk(m): 6:42pm On Jul 11, 2019 |
[What happened when they claimed they removed subsidy in 2016? Pls stop deceiving yourself. quote author=Telkart19 post=80156794]Good idea Increase prices, and stop throwing N2 trillion down a drain every year. In fact, it is better that NNPC stops controlling prices of petroloeum products. Instead, let the market set the price. Yes..prices of stuff will go up. Yes, we will pay N200 and above for petrol BUT....eventually, investors would flow in, investment will flow in, and more money will come, and eventually...more refienries, and LOWER PRICES FOR FUEL Instead of us dashing subsidy cabals 2 trillion every year...let them work for their money. Government can use the savings for things like educaiton, health, etc. P;S If you quote me to abuse me, I will report you to the mods. I have a right to my opinions. [url=http://www.eria.org/Chapter%208-Impact%20of%20Fuel%20Subsidy%20Removal%20on%20Government%20Spending.pdf] SAUCE[/url][/quote] |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by ivandragon: 6:45pm On Jul 11, 2019 |
Telkart19: Going through your comments so far, I think you are putting the cart before the horse. 1st, the FG has blamed smuggling of PMS to neighbouring countries. Now tell me, if the price of pms is increased to say N350 (by way of total deregulation) because of smuggling, do you think those neighbouring countries will automatically stop consuming pms? No. It will simply create scarcity for them which will in turn lead to higher prices for them. So will the Nigerian government now increase prices again? What needs to happen is for the FG to protect its borders better & reduce smuggling. Alternatively, it can legalise the sale across borders & get revenue from the sale which it can then pour back into the repair of our refineries... & That leads to the 2nd issue... The refineries... Despite the various lies over time, these refineries can be fixed & made 90% operational. This is what government needs to do before introducing a full deregulation. 3rd, there are so many peripheral/associated costs on pms. FG needs to drastically reduce those charges. 4th is the issue of political will. The fact remains that with full deregulation, the further inland the product travels, the higher the attendant cost for the end users. So, pms can actual be sold in Lagos for N65 since the product has less distance to travel. In say... Ekiti, it will probably be sold for N120... In Kaduna, 180, in Kebbi, 220... (You get my drift). So the FG needs to remove that equilibrium pricing if it truly wants to deregulate pms... Last but not least is that this administration is haunted by its own lies... Lies told to discredit & distabilise past administrations & to cover up its own ineptitude... So, deregulation is certainly the way forward, but the government must first address the foundational flaws or else, the deregulation would simply create more disasters... |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by Nobody: 6:49pm On Jul 11, 2019 |
ivandragon: Thanks for being the only one of my opponents to respond with facts, not with abuse. Still, we have to deregulate, despite all the hardships involved. Because we can't keep throwing billions for cabals and their pals. Or we just keep taking loans |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by ivandragon: 6:57pm On Jul 11, 2019 |
Telkart19: I totally agree on the deregulation, believe me, I know it's the way forward. But this administration is less than sincere about it which is what worries me about their own plans for deregulation. I feel there are a number of things that need to be addressed before deregulation can be of benefit to Nigerians... |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by Coolgent(m): 7:35pm On Jul 11, 2019 |
Buhari is a curse to this country. Oh Allah forgive me for voting PMB in 2015. |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by Tianamen1: 9:28pm On Jul 11, 2019 |
@Telkart 1. In 2016...it cost N132 to import one liter of fuel. Fuel was costing N87 at the pump....thus the government removed subsidy by raising prices to N145.....which eliminated the N40-50 subsidy being paid per liter. In 2016, the international price of crude oil ranged between 45 and 55 dollars per barrel. The last time crude oil was this cheap, the local price of petrol was less than 65 naira per litre. Did the cost of producing petrol get more expensive? No. The value of the naira depreciated from about 130 naira to 360 naira to the dollar. 3 times the value vanished into thin air. 2.However....subsidy was still in place. Because...the government was still setting the price. Will the Nigerian government ever stop setting the price? In the last 20 years, only one president and GMD of NNPC tried to accomplish this goal, Umaru Ya'radua and Barkindo respectively. Their plan entailed partnering with filling stations, rebranding the stations to NNPC colors and setting a price of petrol in these stations. In this way, any person who imports petrol will have to sell at a similar price offered by the government, so a pricing mechanism can be created. If you import cheaper, or even refine at a cheaper price, you can sell at a lower price than the NNPC and undercut the government. This was the plan. It all ended once Ya'radua died. 3. Note...governments have been doing this in Nigeria since the 1970's....they remove subsidy, set a price, and keep fuel at that price till the cost of production or importation rises above the set price...then they pay a subsidy to maintiain it at that fixed price...till it becomes unsustainable...at which prices shoot up again...to a new set price...and the show continues. The cost of production has not gone up and the cost of crude oil is currently low. The reason for the continuous rise in prices is that the naira keeps losing value. Why does the naira lose value ? A. An overbloated and incompetent civil service that produce little to no value but consumes over 70 percent of government revenue. Our government runs a trickle down economy. They share the oil money to their family and friends they have employed who should then spend money on food so the farmers get money, on housing so the builders get money, etc. The problem is that Nigeria is an open economy were anyone can imports or export goods and services. These government workers spend a lot of money on imported goods requiring currencies to be exchanged so the demand for dollars remains very high causing the CBN to lift prices of its dollars which invariably devalues the naira. B. Nigeria has the lowest tax to GDP ratio in the west African region. Our VAT is the lowest in the region and among the lowest in the world. Nigerians think the government is doing them a favour but this is the biggest scam of all. Average Nigerians spend the bulk of their income on food, shelter and education for their wards. None of these are affected by VAT. it is the rich in society that import cars on yearly basis that are affected by VAT. C. Poor health and education sectors. Funds from oil revenues and taxation should be primarily focused on healthcare and basic education. These two are the main factors that influences productivity of a people and this is why the human development index is based on them. The child of a carpenter with quality education may setup a Home Depot. Without education, that child may seek yahoo yahoo or try to become a comedian or musician to escape from poverty. 4 . Now...landing costs is N200. Government is selling fuel at N145...and paying underrecovery (subsidy) of N55-60 PER LITER. 5.However, as fuel prices are too low...and revenue is falling...the subsidy has to go again. So...goverment may have to raise prices. It is just like a person having malaria and taking only panadol. The problem is the exchange rate and not factors of production affecting the price of petrol. The government does not want to increase taxes because they fear people will start demanding for quality, people will start insisting that candidates for all political positions take part in debates, so Nigerians can separate the wheat from the chaff. Nigeria as it is currently constituted is a scam to enrich a few while impoverishing the rest. We are the poverty capital, we have the most out of school children. Our present is bad and our future as a nation is worse. 6.iDEALLY....government should stop setting prices, and allow the petrol makreters to set what price they see fit. Problem is, prices may shoot as high as N300..BUT...since no one is controlling prices, that makes things like new refienreis possible...and crucially profitable. 7.Investors flow in, more refienries etc get built...and production icreases...meaning prices FALL Will never happen because our crude oil is one of the best quality in the world. It has one of the lowest sulphur content. Sulphur is highly corrosive to refinery equipment. Makes more sense to our government officials buy low quality imported petrol for our people while we sell the high grade crude to richer nations. How else can they keep oil revenues stable. Do you expect them to tax the rich to provide revenues like other nations do? The scam that is Nigeria wouldn't make any sense. PS. We have the ninth highest proven reserves of natural gas which is one of the cheapest and cleanest fuel sources for the generation of electricity. Cheaper than Solar, wind and hydro, yet we are amongst darkest nations on earth. Why you may ask? The same reason you are clamouring for. Our people are too poor because our currency is too weak. Gas is priced in dollars so the weaker the naira gets the more expensive a unit electricity becomes. Without taxation, a more efficient civil service, and much improved quality of public healthcare and basic education, Nigeria will forever remain a scam. 1 Like |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by CableWire: 11:27pm On Jul 11, 2019 |
Where are those GMB, Sai Baba pipu? Trust you are enjoying your dish of 'next level'? This is depressing.. How dump and myopic can these guys be? No conscuence@all. So, because Nigeria is the cheapest African country on petroleum sales then, there must be need for increase in pump price...We saw all these coming buh you guys were neck-bent on licking the stinking ass of your dirty/wicked master Tinubu... This is it! Enjoy it! And he's not done yet... He's still whinning and dangling the juicy carrot to the pipu of Ondo state until they fall the 2nd time into his evil bait... Person go still tell them again? No! Na their bodi go tell them as it's telling the LASPOTECH staff on their moving bus to prison. Nigeria, you are just full of episodes! |
Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by charmi1(f): 8:35am On Jul 12, 2019 |
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Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by 1x2x3: 10:53am On Jul 12, 2019 |
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Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by NkayStory(f): 10:54am On Jul 12, 2019 |
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Re: NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa by charmi1(f): 9:26am On Jul 18, 2019 |
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