Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by Nobody: 10:10pm On Sep 08, 2020 |
NGpatriot:
Tell your bro that the government can not keep subsidizing everything because it is unsustainable.
Tariff must align with the cost of generation, distribution and transmission, if not, investors won't invest in the power sector because they can not recoup their investments or make ends meet.
I blame the government for shielding Nigerians from these obvious realities for decades, but better late than never because it is unsustainable.
We are broke and we can not keep borrowing to fund subsidies and recurrent expenditures. doing so means bankruptcy.
Dear APC media guy, please let me be. |
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Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by NGpatriot: 10:28pm On Sep 08, 2020 |
surgical: same shit all the time,which investor,you think we are as dumb as you guys,like take the price to ten times what it is now,no investor will come under this regime,cause there are other determinants of FDI, the government is just using Nigerians for experiment. I don't have time for low mentality argument and silly conspiracy theories. |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by Dogeland: 11:06pm On Sep 08, 2020 |
The price of refined petrol is tied to the price of its primary source which is crude oil.. So if the price of crude oil is down,how come we have been continuously buying petrol at higher prices?
COULD be differential in exchange rates between the past and the present. Convert back to the costs in dollars vis a vis exchange rates in the past and present and compare the actual values This is my my opinion based on limited knowledge and observation. I am not an expert; there are other variables.... |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by Risingblue008(m): 11:54pm On Sep 08, 2020 |
abouzaid: Oil Marketers Deny NNPC On N5.35bn Petrol Subsidy Payment Okechukwu Nnodim, Abuja
Oil marketers on Monday expressed surprise over the resurfacing of petrol subsidy in June 2020 as disclosed by the Nigerian National Petroleum Corporation in its latest operations report. According to marketers of petrol, the government had since March this year declared that the downstream oil sector had been deregulated and as such there was no need for petrol subsidy. The Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria told our correspondent in Abuja that they had not received any subsidy payments from government. The PUNCH reported on Monday that NNPC made an under-recovery of N5.35bn in June. Under-recovery is the losses incurred by the oil firm due to the difference between the subsidised price at which the corporation sells petrol and the price which it should have received to meet its production cost. The Group General Manager, Group Public Affairs, Division, NNPC, Kennie Obateru, had explained that the return of under-recovery in June was due to the payment for stock held by marketers at the onset of the removal of subsidy by the Federal Government. “Since the subsidy removal started with reduction in pump price, marketers have been paid the differential of the PPPRA verified stock they held and it is spread over a period of six months,” he said. But the National Public Relations Officer, IPMAN, Ukadike Chinedu, said it was surprising to hear of subsidy payments when the downstream sector had been deregulated. He said, “They didn’t pay us any subsidy money. You are also aware that the market has been deregulated. We are now dispensing products based on international crude oil market price. “Furthermore, you are aware of the price regime and this regime is regulated by the price of crude oil in the international market. So, where is the subsidy coming from?” Chinedu added, “You are also aware that in the months of February, March, April, May and June, the PPPRA released guiding prices for petrol based on price deregulation. So as at what point did the subsidy come in? On whether marketers got any support when the pump price of petrol crashed from over N140 per litre to about N125 per litre some months ago, the IPMAN official said nothing of such happened. Chinedu said, “There is no differential that was paid to us because when they reduced the cost of the product from N145 to N123, they did not pay any differential to anybody. https://punchng.com/oil-marketers- deny-nnpc-on-n5-35bn-petrol- subsidy-payment/ Out of this big text book wey u write na only 2 likes,,,see our problem,,,we dey try to act as if we know pass naija herself Loll |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by Simplyleo: 11:59pm On Sep 08, 2020 |
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Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by freeborn02: 12:36am On Sep 09, 2020 |
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Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by Simplyleo: 1:23am On Sep 09, 2020 |
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Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by grandstar(m): 1:31am On Sep 09, 2020 |
This man is saying utter nonsense and the snake politician in him Is what is at work
Every Economist knew the fuel prices were lower than that set in the market and was what adversely affecting the downstream sector. That's why the populace wanted a subsidy to remain.
What is needed with petrol pricing is the full deregulation of the price as done with diesel. That will draw out the beast in the petroleum sector through massive investment.
All that happened with oil was simply an increase in price. As long as government keeps fixing the price, the downstream sector can't be the juggernaut it should be. 1 Like 1 Share |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by obi58: 1:55am On Sep 09, 2020 |
amc: Atikuloot is an olodo who didn't go to school, just like some of his followers who agree with his tweet.
The answer is CURRENCY DEVALUATION. What's responsible for the current devaluation of the naira? |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by alphaNomega: 3:01am On Sep 09, 2020 |
Originakalokalo:
Don't bother sir.
You don't belong to the kingdom I am talking about.
Those that belong understand what I posted.
Thanks for your advice though. Lol. Kingdom? Your so-called king is a slave driver! |
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Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by bigfish3k: 5:07am On Sep 09, 2020 |
bigtt76: Theoretically, he's right but he also failed to put into consideration the following:
1. We import the refined product in dollars and the importers need to source the dollars at the prevailing exchange rates 2. The final cost of the product is based on the product's landing cost (taxes + import duties + cost to transport product etc) 3. Low crude oil price translates to low dollars inflow into the country which means high exchange rate due to high demand
By the time all of these are taken into consideration, the price to the end-users would shoot up. This scenario would be different if our refineries are working but as we all know, the refineries are being sabotaged because of the people who are benefiting from the importation of refined products.
Nigeria needs a patriotic leader like Kim Jun Un as president so as to deal with the refinery saboteurs |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by bigfish3k: 5:14am On Sep 09, 2020 |
saajus: Atiku should have researched the total cost of production. Production cost may have increased. The meaning of subsidy is that Govt is not subsidizing anything, not that our pump price will be reflecting the global market price. Oil price has no effect on the cost of production. Cost of production is still the same. Our cost of production is still high.
Why should l our own cost of production be higher than other countries. Is it a local technology? Do we refine crude here? |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by bigfish3k: 5:17am On Sep 09, 2020 |
Nfora: Atiku is a total disappointment!
Subsidy kept the fuel price lower than the global markets,including that of USA.
The subsidy was removed just this year,May 2020.And Atiku is comparing USA 2019 price.
Even a primary school student would expect an automatic rise in the price,without the subsidy .
We are importing fuel ,oil price has gone up,exchange rate has gone up,subsidy has been removed and Atiku expects price reduction. What a shame!
Anyway I am not surprised. You get messed up in a bid to be populist and playing to the gallery and emotions, in a matter that requires only the application of elementary logic.
I beg it is not by force to be president of Nigeria oooo... See how all of you zombies are justifying fuel import. Is this what was promised during APC campaign? |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by bigfish3k: 5:21am On Sep 09, 2020 |
Kubernetes:
PEF is a fund set-up by the Nigerian government for the reimbursement of petroleum marketing companies for any losses suffered by them arising from the sale of petroleum products at uniform prices throughout Nigeria,but the marketers despite this payment,they still hide the petrol to make it scarce and DPR has not been able to tackle this issue Ladyexcellency was right. You are both saying the same thing. It suppose not to exist under "no subsidy" regime except we are deceiving ourselves once again |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by bigfish3k: 5:27am On Sep 09, 2020 |
Kubernetes:
PEF is a fund set-up by the Nigerian government for the reimbursement of petroleum marketing companies for any losses suffered by them arising from the sale of petroleum products at uniform prices throughout Nigeria,but the marketers despite this payment,they still hide the petrol to make it scarce and DPR has not been able to tackle this issue Ladyexcellency was right. You are both saying the same thing. Equalization fund suppose not to exist under "no subsidy regime" except we are deceiving ourselves once again |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by bigfish3k: 5:30am On Sep 09, 2020 |
NovusHomo:
And of course Atiku seems to have forgotten that refined Petroleum is imported, and that import is paid for in $s, and that our foreign reserve in those $s is low, that we are deeply indebted... The guy should stop playing politics with his selective amnesia. You APC zombies are shamelessly reciting about how we import fuel after 5yrs of your messiah government. Do we have any business importing fuel? |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by Baiser(m): 5:42am On Sep 09, 2020 |
Please Nigerians dont be deceived
Buhari, ameachi and elrufai did more than this during pdps time. |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by bigfish3k: 5:45am On Sep 09, 2020 |
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Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by bigfish3k: 6:01am On Sep 09, 2020 |
nextstep: What country is Uncle living in?
Nigerians use imported petrol, bought with dollars, which has jumped from #350 to #470 in one year. The dollars were obtained with crude oil, which has fallen in price.
Not only that, the old price was the subsidized price (i.e. it was not true market cost). When subsidy is removed, cost of fuel should rise to its real value.
I think Uncle knows all this - after all he is an astute businessman - but I suspect he just wants to rile people. I'm not a Buhari apologist, but this tweet reeks of opportunism, not genuine concern. Are we supposed to be importing fuel after 5yrs of APC governance |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by sirkonfirm: 7:01am On Sep 09, 2020 |
What Officialgarri: Atiku better sit down patiently with the person that explained the economics behind deregulation instead of rushing to social media. These people called Politicians are just as dumb as anyone.
Fine, when Buhari first deregulated in 2016, Oil price dropped "due to competition" by 1 naira, but what happened after, it flew right up to #145. This is because Oil is always in high demand and the higher the demand the higher the price.
Officialgarri's law states that "Any product with increasing demand and without corporate regulations will have it's market price competing mostly at increasing prices" e.g Cryptocurrencies Hence, the introduction of subsidy. If not for regulation and subsidies, gas was initially supposed to be selling at about #179 but the Government pays about #46.
So someone tell me something interesting about deregulation
what a trash, deceit of highest level |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by orisa37: 7:04am On Sep 09, 2020 |
I think that the DSS, EFCC AND THE CABAL ARE INVOLVED NEGATIVELY WITH THE SOURCING AND DISTRIBUTION OF PETROLEUM PRODUCTS. |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by nextstep(m): 7:21am On Sep 09, 2020 |
bigfish3k:
Are we supposed to be importing fuel after 5yrs of APC governance We are not oh my brother... in fact I'm eagerly awaiting Dangote's refinery. But it's like the issue of importing fuel is too much for any president to conquer... from mid 70's till now. |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by Oyiboman69: 7:48am On Sep 09, 2020 |
Officialgarri: Atiku better sit down patiently with the person that explained the economics behind deregulation instead of rushing to social media. These people called Politicians are just as dumb as anyone.
Fine, when Buhari first deregulated in 2016, Oil price dropped "due to competition" by 1 naira, but what happened after, it flew right up to #145. This is because Oil is always in high demand and the higher the demand the higher the price.
Officialgarri's law states that "Any product with increasing demand and without corporate regulations will have it's market price competing mostly at increasing prices" e.g Cryptocurrencies Hence, the introduction of subsidy. If not for regulation and subsidies, gas was initially supposed to be selling at about #179 but the Government pays about #46.
So someone tell me something interesting about deregulation
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Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by Oyiboman69: 8:00am On Sep 09, 2020 |
Racoon:
You have aptly surmised it bro.The best thing is for the government/NNPC hands off regulating the price & sole handling of petroleum products & let the market forces determine it for once.
Let them pass the PIB, deregulate the downstream sector & open up the market.The subsidy regime is profiting the cabal that have kept our refineries in their present comatose state despite the huge TAM and other humongous overhead costs. The way you people talk always is like you've not been in this country and its sometimes annoying...ever since the emergence of this useless government,when has the naira gain against the dollars?. Is it not because of those bad policies they've been projected? Abet no let me vex |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by Originakalokalo(m): 8:02am On Sep 09, 2020 |
alphaNomega: Lol. Kingdom? Your so-called king is a slave driver! Thank you for the information. Peace. 1 Like |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by lexy2014: 11:21am On Sep 09, 2020 |
Officialgarri: Atiku better sit down patiently with the person that explained the economics behind deregulation instead of rushing to social media. These people called Politicians are just as dumb as anyone.
Fine, when Buhari first deregulated in 2016, Oil price dropped "due to competition" by 1 naira, but what happened after, it flew right up to #145. This is because Oil is always in high demand and the higher the demand the higher the price.
Officialgarri's law states that "Any product with increasing demand and without corporate regulations will have it's market price competing mostly at increasing prices" e.g Cryptocurrencies Hence, the introduction of subsidy. If not for regulation and subsidies, gas was initially supposed to be selling at about #179 but the Government pays about #46.
So someone tell me something interesting about deregulation
Pls which "deregulation" did buhari deregulated in 2016? Explain what he deregulated & how he deregulated |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by lexy2014: 11:23am On Sep 09, 2020 |
nextstep:
We are not oh my brother... in fact I'm eagerly awaiting Dangote's refinery.
But it's like the issue of importing fuel is too much for any president to conquer... from mid 70's till now. It's d money that they make from importation that is too much. Not that stoping importation is too much to conquer |
Re: Atiku: If We Truly Deregulated, Shouldn’t Fuel Price Drop? by lexy2014: 11:24am On Sep 09, 2020 |
NovusHomo:
And of course Atiku seems to have forgotten that refined Petroleum is imported, and that import is paid for in $s, and that our foreign reserve in those $s is low, that we are deeply indebted... And who is responsible for all these things u have mentioned? Is it atiku or buhari? |
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