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Nigerians Brace For More Fuel Queues - Politics - Nairaland

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NNPC Says Fuel Queues Will Disappear By Weekend / Fuel Queues Resurface In Lagos As Supply Shortages Persist / It Is Time NIGERIANS Brace Ur Self (2) (3) (4)

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Nigerians Brace For More Fuel Queues by sholatour(m): 10:32am On May 16, 2016
The growing fleet of tankers stuck off Nigeria unable to unload their cargoes of diesel and petrol is an even-present reminder for President Muhammadu Buhari that another fuel crisis is looming on the horizon.
At least 75 ships with two and a half million tonnes of fuel are waiting for importers in Africa’s biggest economy to find the dollars they need to pay for the cargoes, according to ship tracking data and fuel traders, oann.com reports.

Some of the vessels arrived a month ago and their frustrated owners have almost given up hope and started to offer their fuel to buyers outside Nigeria, several traders told Reuters.

A slump in world oil prices has hammered Nigeria’s state income and because crude sales are the government’s main source of revenue the fall has caused crippling shortages of dollars within the economy that have been hurting businesses for months.

In a bid to break the impasse and head off more fuel shortages, the government raised the price cap for petrol by 67 percent, officially sanctioned importers to use the black market to find the hard currency they need to get cargoes off the ships and allowed any Nigerian company to import fuel.
Announced last week, the reforms were welcomed by some in the oil industry as badly needed steps in the right direction. The changes have largely eliminated the system of heavily subsidized fuel prices, removing one strain on Nigeria’s increasingly stretched finances.

But the so-called parallel market has struggled to cope with the demand for U.S. dollars that followed the reforms.

Nigeria consumes 45 million liters of gasoline a day, or roughly 280,000 barrels, which would require the market to provide some $18 million a day. Though importers cover about 30 percent of this, with the state oil firm covering the rest, it is still a big strain on the market for dollars.
The naira has already weakened due to the spike in demand for dollars from fuel importers. Last week, the U.S. currency fell to 324 naira on the parallel market, whereas the official exchange rate has been held firm just under 200.

“The risk is that the parallel rate will depreciate even more, giving the marketers a pretext for yet further price increases at the pump,” said Alan Cameron, an economist covering Africa with Exotix Partners.
http://www.sofreedomains.com/2016/05/nigerians-brace-for-more-fuel-queues.html
Re: Nigerians Brace For More Fuel Queues by amtaken(f): 10:35am On May 16, 2016
Change!
Re: Nigerians Brace For More Fuel Queues by sholatour(m): 11:46am On May 16, 2016
Did I hear you say change?
Re: Nigerians Brace For More Fuel Queues by TechRev: 11:53am On May 16, 2016
Upon the Naira145 per litter?? Change!!! Chai!!!

1 Like

Re: Nigerians Brace For More Fuel Queues by ojietu: 12:08pm On May 16, 2016
Sai bubu

1 Like 1 Share

Re: Nigerians Brace For More Fuel Queues by stevecantrell: 12:14pm On May 16, 2016
I was telling my driver to be ready to queue till Decrmber.

3 Likes

Re: Nigerians Brace For More Fuel Queues by Amitex(m): 12:24pm On May 16, 2016
At least about $25m of the estimated $30m diaspora funds will be held back until government fully devalue the Naira. Some people I know only exchange their $ by proxy, that is pay black market value into my account and I will pay dollars into your foreign account. Who will send his $ through Western Union and be paid N197 when we all know it is upwards of N345 in black market? Patriotism is not stupidity!!!

APC have put Nigerians in a vicious circle. Increase price, Dollar depreciates, then prices are increased again and dollars depreciate again until God knows when. This government is indeed led by Economic Oafs!

9 Likes

Re: Nigerians Brace For More Fuel Queues by EasternLeopard: 12:27pm On May 16, 2016
Next time when Nigerians hear Change they will listen carefully to know if it is Chain or Change.

3 Likes

Re: Nigerians Brace For More Fuel Queues by sholatour(m): 1:59pm On May 16, 2016
cheesy
EasternLeopard:
Next time when Nigerians here Change they will listen carefully to know if it is Chain or Change.

5 Likes

Re: Nigerians Brace For More Fuel Queues by jpphilips(m): 2:02pm On May 16, 2016
EasternLeopard:
Next time when Nigerians here Change they will listen carefully to know if it is Chain or Change.

Before you will realize the double tragedy of oil price slump and production cut, you may neither pronounce change nor chain

7 Likes

Re: Nigerians Brace For More Fuel Queues by chriskosherbal(m): 2:03pm On May 16, 2016
I lord save this nation.
Re: Nigerians Brace For More Fuel Queues by sholatour(m): 2:55pm On May 16, 2016
chriskosherbal:
I lord save this nation.
Amen.
Re: Nigerians Brace For More Fuel Queues by sholatour(m): 4:26pm On May 16, 2016
...
Re: Nigerians Brace For More Fuel Queues by sholatour(m): 5:44pm On May 16, 2016
Re: Nigerians Brace For More Fuel Queues by sholatour(m): 6:40pm On May 16, 2016
Amitex:
At least about $25m of the estimated $30m diaspora funds will be held back until government fully devalue the Naira. Some people I know only exchange their $ by proxy, that is pay black market value into my account and I will pay dollars into your foreign account. Who will send his $ through Western Union and be paid N197 when we all know it is upwards of N345 in black market? Patriotism is not stupidity!!!
APC have put Nigerians in a vicious circle. Increase price, Dollar depreciates, then prices are increased again and dollars depreciate again until God knows when. This government is indeed led by Economic Oafs!
Re: Nigerians Brace For More Fuel Queues by idupaul: 7:16pm On May 16, 2016
Buhari has a rare skill to make a bad situation go worse
.

3 Likes 1 Share

Re: Nigerians Brace For More Fuel Queues by fitzmayowa: 7:48pm On May 16, 2016
Amitex:
At least about $25m of the estimated $30m diaspora funds will be held back until government fully devalue the Naira. Some people I know only exchange their $ by proxy, that is pay black market value into my account and I will pay dollars into your foreign account. Who will send his $ through Western Union and be paid N197 when we all know it is upwards of N345 in black market? Patriotism is not stupidity!!!

APC have put Nigerians in a vicious circle. Increase price, Dollar depreciates, then prices are increased again and dollars depreciate again until God knows when. This government is indeed led by Economic Oafs!


When next when some nigerians come shouting CHANGE, other nigerians will need to ask them the kind of CHANGE they are asking to queque behind, whether negative or positive...SMH

1 Like

Re: Nigerians Brace For More Fuel Queues by fitzmayowa: 7:49pm On May 16, 2016
idupaul:
Buhari has a rare skill to make a bad situation go worse
.


In other words "na always him time things they always they hard and scarce"...cheesy grin cheesy

2 Likes

Re: Nigerians Brace For More Fuel Queues by sholatour(m): 9:05pm On May 16, 2016
undecided
idupaul:
Buhari has a rare skill to make a bad situation go worse
.
Re: Nigerians Brace For More Fuel Queues by sholatour(m): 9:46pm On May 16, 2016
cry
Re: Nigerians Brace For More Fuel Queues by Abagworo(m): 10:05pm On May 16, 2016
sholatour:
Did I hear you say change?

This is self explanatory. Nigeria is not earning enough foreign exchange to fund fuel importations. The solution remains speedy construction of new refineries so that we will have no need to import. PDP really wasted 16 years making military era better than them in the downstream oil sector. The military built 3 refineries between 1970 and 1985 which is 15 years whereas 17 years after democracy we've not built any additional refinery not to talk of maintaining the old ones. Under this Buhari admin the refineries are working for the 1st time in more than 10years.

3 Likes 1 Share

Re: Nigerians Brace For More Fuel Queues by sholatour(m): 6:24am On May 17, 2016
Abagworo:

This is self explanatory. Nigeria is not earning enough foreign exchange to fund fuel importations. The solution remains speedy construction of new refineries so that we will have no need to import. PDP really wasted 16 years making military era better than them in the downstream oil sector. The military built 3 refineries between 1970 and 1985 which is 15 years whereas 17 years after democracy we've not built any additional refinery not to talk of maintaining the old ones. Under this Buhari admin the refineries are working for the 1st time in more than 10years.
Re: Nigerians Brace For More Fuel Queues by sholatour(m): 8:21am On May 17, 2016
undecided
fitzmayowa:

In other words "na always him time things they always they hard and scarce"...cheesy grin cheesy
Re: Nigerians Brace For More Fuel Queues by sholatour(m): 11:18am On May 17, 2016
...
Re: Nigerians Brace For More Fuel Queues by sublimes: 11:30am On May 17, 2016
Abagworo:


This is self explanatory. Nigeria is not earning enough foreign exchange to fund fuel importations. The solution remains speedy construction of new refineries so that we will have no need to import. PDP really wasted 16 years making military era better than them in the downstream oil sector. The military built 3 refineries between 1970 and 1985 which is 15 years whereas 17 years after democracy we've not built any additional refinery not to talk of maintaining the old ones. Under this Buhari admin the refineries are working for the 1st time in more than 10years.
[b][/b] Oga I don't agree with you on the bolded.

3 Likes

Re: Nigerians Brace For More Fuel Queues by MaziOmenuko: 11:33am On May 17, 2016
This is exactly my ish with this N145; it is not sustainable.

The calculation is based primarily on dollar rate at the BLACK MARKET for fvck sake! This means that once the demand for dollar by the importers at the black market shoots up, the price of dolar will also increase; then marketers will fold their arms once more and inform the FG that they cant source FX at the stipulated amount.

The FG is just trying to shift the wahala of FX and fuel importation to the consumers.

2 Likes

Re: Nigerians Brace For More Fuel Queues by Nobody: 11:36am On May 17, 2016
Hmm
Re: Nigerians Brace For More Fuel Queues by Nobody: 11:40am On May 17, 2016
angry

2 Likes

Re: Nigerians Brace For More Fuel Queues by sholatour(m): 2:34pm On May 17, 2016
grossintel:
The queues are already back, Your speaking big grammar. In the refineries their is price uncertainty. Independent marketers are unable to buy products because capital has increased almost 50 percent and you still get the same profit margin as before. Nnpc decides to sell at 138 to independent marketers but landing costs is almost 145 per liter and this markets are selling close to 150 per liter and no one wants to buy at that price. The reason the queues dissappeared earlier is simple. They still had old stucks they bought at cheaper rates. They are running out of stuck but can't afford the new rate to buy pms. When Nnpc other major markets seems to be the only one selling at 145 the queues will return
Re: Nigerians Brace For More Fuel Queues by Pidggin(f): 2:49pm On May 17, 2016
Let's all suffer it.
Re: Nigerians Brace For More Fuel Queues by sholatour(m): 3:29pm On May 17, 2016
Pidggin:
Let's all suffer it.
Re: Nigerians Brace For More Fuel Queues by MeAboki(m): 4:09pm On May 17, 2016
Abagworo:


This is self explanatory. Nigeria is not earning enough foreign exchange to fund fuel importations. The solution remains speedy construction of new refineries so that we will have no need to import. PDP really wasted 16 years making military era better than them in the downstream oil sector. The military built 3 refineries between 1970 and 1985 which is 15 years whereas 17 years after democracy we've not built any additional refinery not to talk of maintaining the old ones. Under this Buhari admin the refineries are working for the 1st time in more than 10years.

Just save your breath, its too much for the wailers to understand.

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