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Nairaland Forum / Nairaland / General / Politics / APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price (1992 Views)
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APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Nobody: 6:39pm On Sep 14, 2020 |
APC lied Dangote refinery will bring about reduction in fuel price. Here are the reasons fuel price will remain the same or increase: 1) Dangote will now have monopoly in the market for oil refining, due to the fantastically corrupt APC regime mismanagement of the Turn Around Maintenance(TAM) contracts of the four refineries since 2015. All four refineries have now been shutdown, in anticipation of Dangote refinery coming on stream. https://www.youtube.com/watch?v=Wg7lfHL_l1w 2)Minister of Finance, Budget and National Planning, Zainab Ahmed confirmed Dangote refinery will be selling refined oil at the international oil price in US dollars. The only cost savings will be in the shipping cost, this when weighed against the forex advantage provided to Dangote by the CBN cancels the benefit. 3) Dangote will be in a hurry to recoup the $13 billion dollars he spent on the refinery and can leverage his political connections to scuttle other investors given approval to setup refineries. 4) The refinery is in the Lekki Free Zone, so will enjoy a tax holiday. And other advantages listed below. 2 Likes 1 Share
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Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Nobody: 6:54pm On Sep 14, 2020 |
BMC zombies can quote me. The fuel price will go up now Dangote has monopoly in oil refining. 3 Likes 2 Shares |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Macphenson: 8:25pm On Sep 14, 2020 |
Dangote refinery my not even be ready anytime soon. I visit there regularly. |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Nobody: 8:48pm On Sep 14, 2020 |
Macphenson: I should come on stream in 2021-2022. |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Lipscomb(m): 8:50pm On Sep 14, 2020 |
Seriously I can't be arguing with that stupid woman who has nothing her upstair. 2 Likes |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Nobody: 8:53pm On Sep 14, 2020 |
Lipscomb: |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Nobody: 9:03pm On Sep 14, 2020 |
He received alot of subsidy from CBN. The costs will out weight the benefits for the country. https://www.businesstimes.com.sg/government-economy/africas-richest-man-got-a-fistful-of-dollars-in-nigerian-currency-squeeze 2 Likes 1 Share
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Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by surgical: 10:03pm On Sep 14, 2020 |
Macphenson:may it never be ready if it is to impose more hardship on Nigerians Dangote is a hardcore monopolist without care for the people 3 Likes 1 Share |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Nobody: 10:28pm On Sep 14, 2020 |
surgical: That is the major reason him having monopoly in oil refining will have a negative effect long-term. His only concern will be to recoup the $13 billion dollars he spent. Government will have to choice but to introduce subsidy that will be paid to him, and we will be back to square 1. Government should have given the other investors like BUA group the same incentives. There is no country monopoly of a key natural resource like oil and gas run by private interests has proven beneficial to the common man. 3 Likes
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Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by slivertongue: 11:08pm On Sep 14, 2020 |
stop taking APC serious or u will die prematurely. they are bunch liars 2 Likes |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Nobody: 11:13pm On Sep 14, 2020 |
slivertongue: BMC zombies will state otherwise. All the government had to do was fix the four refineries and create a level playing ground to prevent the monopoly. Their fantastical corruption will never see them refine even one barrel in any of the four refineries. 1 Like 1 Share |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by SarkinYarki: 11:51pm On Sep 14, 2020 |
RuudVanNisteroy:That is what they are already preparing Nigerians for with all these talk of deregulation |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by dawno2008(m): 11:54pm On Sep 14, 2020 |
RuudVanNisteroy: Imagine buhari interpreting that graph 1 Like
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Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Nobody: 11:58pm On Sep 14, 2020 |
dawno2008:LMAO 1 Like |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Nobody: 12:05am On Sep 15, 2020 |
SarkinYarki: Nigeria should prep themselves for a fuel increase when the refinery come on stream. Buhari the epitome of hypocrisy and corruption failed to fix the refineries in 5 years. They are now all shutdown and would have been competing with Dangote refinery if they were working at full capacity.
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Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Nobody: 12:50am On Sep 15, 2020 |
The subsidy provided in US dollars for the refinery would have been better spent fixing the 4 refineries. Nigeria's total petroleum refining capacity is 445,000 barrels in the four refineries. 1 Like |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Nobody: 12:57am On Sep 15, 2020 |
Rosskii,TonyeBarcanista,NGpatriot,,sarrki,Simplyleo |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Eriggs: 2:38am On Sep 15, 2020 |
RuudVanNisteroy:just as the criminals and thieves you supported for 16 years fixed the refineries, even when Nigeria was making billions of dollars in revenue. hypocritical supporters of looters. shameless people that supposed to bury their heads in shame, still here wailing about Dangote refinery already. such shameless looters and losers 8 Likes 4 Shares |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Nobody: 2:40am On Sep 15, 2020 |
Eriggs: Is that an excuse for the "change agents" to continue the looting of the Turn Around Maintenance to fix the refineries. Buhari and Osinbajo promised one new refinery every year. |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Eriggs: 2:52am On Sep 15, 2020 |
RuudVanNisteroy:start from your 16 years of failure, if you want to talk about dead refineries. before talking about 5 years of Osinbajo and PMB. stop being a hypocrite. a daily wailing hypocrite 5 Likes 2 Shares |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Nobody: 2:58am On Sep 15, 2020 |
Eriggs: Where is the change?
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Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Eriggs: 4:30am On Sep 15, 2020 |
RuudVanNisteroy:where is Nigeria's loot? 3 Likes 3 Shares |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Nobody: 5:54am On Sep 15, 2020 |
Eriggs: Bullion vans in Bourdillion.
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Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by CodeTemplar: 6:05am On Sep 15, 2020 |
Lol... GeJ could av built 3 of the Dangote refinery if he wasn't doing chop-life presido. He was building school(almajiris). Diezani too was sand filling Lagos to build skyscrapes. |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Nobody: 6:08am On Sep 15, 2020 |
CodeTemplar: Goodluck Jonathan had the opportunity to change Nigeria when oil was $100 dollars a barrel. He could have fixed the refineries and built additional ones. That is why Buhari was voted for in 2015 to bring about change and reduce corruption. Buhari has turned out to be more corrupt than than his predecessor. 2 Likes |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Nobody: 6:20am On Sep 15, 2020 |
1. The refinery hasn't come on stream 2.The reason why our old refineries have broken down, and why, apart from Dangote refinery, not much has come in the way of new refineries, is very simple . Oil subsidy 3.Under the subsidy regime, we sold fuel less than its production cost , thus over the years it became unprofitable to produce fuel in Nigeria 4. At the end of the day, we have worn out refineries 5.In 2018, NNPC said fuel would have cost N165 if we were refining in the country. Meanwhile, we were selling it then at N145, and some people wanted to sell it at 87 naira self.... 6.Even what Buhari has been doing is raising the price to a level where he can pay subsidy without pains....which is why one should not take the idea that subsidy has gone seriously 7.NNPC has also been spending the money that should have gne on repairing the refnereis on subsidy 8. People like the op prefer subsides because we are poor. Meanwhile subsides, in conjunction with the corruption and mismanagement of the oil sector, as well as the fact that NNPC is owned by government is the reason why we dont have good refinereis. Let's be realistic. The harsh truth is, unless we run our oil sector as a business, and the truth is, we should have done that since the good old days, we would have been in a better place. 1 Like 1 Share |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Nobody: 6:23am On Sep 15, 2020 |
Eriggs: Eriggs, your hero is part of the problem He prevented GEJ from revenge subsidy, and as such GE was forced to sink billions into thhe big hole called subsidy, instead of saving money and allowing investment to fix the refineries GEJ was corrupt . But if he had removed subsidy, by now, we would have had more working refineries in the pipeline because it would have become profitable to refine fuel in Nigeria. |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by Nobody: 6:33am On Sep 15, 2020 |
RuudVanNisteroy: It is not a matter of fixing the refineries when we had high oil prices, it is a matter of making it profitable to refine fuel in Nigeria. The problem with subsidy is the thing called price controls. Once there is price control in the economy, the end result is that people will engage in sharp practice to loot and loot. Under GEJ, many of the people in the oil business were engaging in sharp practices like lying on the amount of fuel imported, and so on. They were also smuggling fuel to other African countries where there was no subsidy, and where fuel cost higher than in Nigeria...to collect higher amounts from subsidy money so that they could balance their books and make a profit. And government was sending bilioons, and running out of money doing so,and despite issuing licences for refineries, the truth is apart from Dangote...who bult his refinery using loans worth billions of dollars, no one wanted to refine fuel iin Nigeria, least of all NNPC. Buhari came, paid them off, and made NNPC the sole importer, meaning NNPC NOW has had to spend billions of their naira making fuel available at a cheap price. Billions that could have been used to fix refineries really We have been running subsidy for over 40 years. If we had not run subsidy, and allowed pure market capitalism to run, sure we would have been buying fuuel at sky high prices in the bad oold days, but by now, fuel would have been cheaper. But the rich love ilicit subsidy money, the polticians love using NNPC as a slush fund, and the poor love cheap fuel prices. Well, interests met. 3 Likes |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by bjtinz: 6:53am On Sep 15, 2020 |
Eriggs: Case closed. |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by tinsel: 7:34am On Sep 15, 2020 |
Thedeadman71:Do you mind the illiterates and the kids that full here. |
Re: APC Lied Dangote Refinery Will Bring About Reduction In Fuel Price by CodeTemplar: 8:37am On Sep 15, 2020 |
RuudVanNisteroy:They both had opportunity both one had a bigger opportunity than the other. |
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