;Daswear

jadyclem:
Oil price come down, na problem; e go up, na still problem! Which one we dey sef for this country? Nothing dey ever favour the country, why? Abi dem program the country to fail?

Even if our refinery function...there won't be significant difference..all we will be saving is the freight cost..fuel will still be sold with in respect to the rise and fall of crude oil and the international price

Mpanyi:
If refineries are working we will not be talking about all this. We will not be talking about buying the finished product of our crude oil in this case PMS with dollars from the international market. Who do us this?

Eriggs:
coming from d number supporter of d corrupt party of thieves that were in power for 16 years without building just one refinery.
I wonder how you wailers still have the mouth to talk after the evil looting you did to Nigeria.
Leave this kind of talk for genuine and good Nigerians,
Who meant well for the nation.
Government and Nigerians will take those ones more serious, not pained losers and wailers.
You are pained cos d thieves u support are no more in power to loot, not that you care for the common man on the streets.
You pdp supporters, supporters of thieves should all go and bury ur heads in shame.


You are a good Nigeria.
People like you are who will need for naija to move forward.
Unbiased peeson you are,
not like other pained losers quoting me to wail.
Corrupt thieves

Those liking your post actually think that you are making sense! A man who promised to build one refinery across the country every year but hasn't even remember that he made such promise only for his supporters to blame 16 years of another party as the sole reason why he is unable to perform is pathetic! The same subsidy he claims doesn't exist and was asking for the meaning then is now what he is paying on a much higher scale. It seems that PDP has actually explained to him the meaning of subsidy.

valuedammy:
Which kain Country be ds now, why are these Leaders so wicked.

If I may ask, is it only Nigeria that feel the effect of increase in price of crude oil in the international market which in turn affect the local price of the product. Is this how other Countries without Refinnery also increase the price of the product.

If a Country that has the product in abundance and only export it for refining is being affected greatly by the global price what will now happen to a Country that doesnt have the product at all let alone of having a Refinery.

Devil is really a Learner where we have Nigerian Leaders.

Why is God so Happy watching our Leaders treat us like this?

Unless divinely ordained God wont act in all his majesty mainly because men are gods (with jesus you are powerful than Adam be one with this thought and you will see how everyone of has a part to play walk in thy destiny and the oppresion will stop) the Sons oF God Almighty will rise

Buharidgeneral:
No functioning refinery after 6 yrs of APC administration.

Build working refinery then remove fuel subsidy. Chikena

That is not even part of their agenda
SMH

Please i need the link to download the right version of firefox for my infinix phone for google admob self clicking. Pls anyone that has the link should help me out. Also the tutorial on how to set the firefox browser using user agent etc will also be really helpful. Thank you..

obailala:
The logic behind the pump price increase is quite simple and straightforward. The only reason anyone (at least educated) wouldnt understand it is because they intentionally refuse to understand it.

Nigeria buys its petroleum products from overseas with dollar$ and 2 things mainly determine the cost of that product in Nigeria - crude price and exchange rate. If crude (raw material) price increases, the cost at which the foreign sellers sell it to us will increase, and that would mean an increase in the final selling cost to Nigerians. Likewise, if exchange rate increases (i.e. Naira devalue drops), even if crude price in dollar$ remains the same, the increase in official exchange rate means an increase in final pump price of the products on the street. So yes, with exchange rate currently at over N400/$, if crude price jumps to $100, pump price may hit up to N250.

In the last few months, the exchange rate has increased (because of the lack of forex caused by covid palaver) and in the last few weeks, global crude prices has also increased. What that translates to is an inherent increase in pump price. The fact that an increase in pump prices hasn't been announced yet means that the govt is still bearing the price difference occasioned by the recent increase in crude price (in otherwords, govt is subsidising).

Don’t forget the raw material (crude oil) is actually produced in Nigeria like our natural resources so for me it has spoilt your explanations above I chose not to reason With it Cos I don’t see sense in it. Other nations that don’t have oil as natural resources are selling petroleum at far cheaper price to its citizen. To me if the price of petroleum is going up Nigeria should be making more money and if it is refined abroad then cost of the raw material which we produce should count for something.

Eriggs:
coming from d number supporter of d corrupt party of thieves that were in power for 16 years without building just one refinery.
I wonder how you wailers still have the mouth to talk after the evil looting you did to Nigeria.
Leave this kind of talk for genuine and good Nigerians,
Who meant well for the nation.
Government and Nigerians will take those ones more serious, not pained losers and wailers.
You are pained cos d thieves u support are no more in power to loot, not that you care for the common man on the streets.
You pdp supporters, supporters of thieves should all go and bury ur heads in shame.


You are a good Nigeria.
People like you are who will need for naija to move forward.
Unbiased peeson you are,
not like other pained losers quoting me to wail.
Corrupt thieves

And una used five years to finish Nigeria

How about 16 years of PDP misrule when oil was selling at $120 per barrel? You expect miracle when we earn lesser and the lesser is being stolen. When we had more, it was being stolen and money being thrown around. You can ask Jonathan and people that ate in his government, if you have access to them and they are willing to tell you the truth.

Buharidgeneral:
No functioning refinery after 6 yrs of APC administration.

Build working refinery then remove fuel subsidy. Chikena

Raph3177:

Don’t forget the raw material (crude oil) is actually produced in Nigeria like our natural resources so for me it has spoilt your explanations above I chose not to reason With it Cos I don’t see sense in it. Other nations that don’t have oil as natural resources are selling petroleum at far cheaper price to its citizen. To me if the price of petroleum is going up Nigeria should be making more money and if it is refined abroad then cost of the raw material which we produce should count for something.

In my previous comment, I tried to give a very basic explanation, but since you mentioned the above, maybe I'd try and give some insight 'the way I understand it'...

Current global price/value of crude is about $55/bbl; even though the crude is produced in Nigeria, it doesn't change the fact that the crude is still valued at $55/bbl and is still sold at $55/bbl. Nigeria currently runs a 'Direct Sale-Direct Purchase (DSDP)' crude swap deal which basically means, NNPC sells crude to a foreign refinery and then buys refined products back from the said refinery; the crude is still valued at the prevailing global price, irrespective of the fact that it is Nigerian crude.

One might then wonder why NNPC doesnt just exchange the crude at a reduced rate of say $40/bbl instead of the prevailing global price of $55 so that the imports would be cheaper; after all it's Nigerian crude. But then, that $15/bbl loss would effectively amount to a form of petrol subsidy, i.e. the govt subsidising the sale of crude oil to a foreign refinery so they can in turn sell cheaper fuel to Nigeria. Just recently, a similar form of subsidising was termed 'under-recovery' by the NNPC. I may be wrong somewhere in my explanation, but maybe a petroleum economist can help out.

...and lest i forget, there's an assertion which you made which is wrong; there's absolutely no 'non-oil producing nation' which sells fuel cheaper than Nigeria. In global comparison, I doubt if there're up to 5 countries which sell petroleum products cheaper than Nigeria, and they're all oil producing nations which subsidise the products.

obailala:
In my previous comment, I tried to give a very basic explanation, but since you mentioned the above, maybe I'd try and give some insight 'the way I understand it'...

Current global price/value of crude is about $55/bbl; even though the crude is produced in Nigeria, it doesn't change the fact that the crude is still valued at $55/bbl and is still sold at $55/bbl. Nigeria currently runs a 'Direct Sale-Direct Purchase (DSDP)' crude swap deal which basically means, NNPC sells crude to a foreign refinery and then buys refined products back from the said refinery; the crude is still valued at the prevailing global price, irrespective of the fact that it is Nigerian crude.

One might then wonder why NNPC doesnt just exchange the crude at a reduced rate of say $40/bbl instead of the prevailing global price of $55 so that the imports would be cheaper; after all it's Nigerian crude. But then, that $15/bbl loss would effectively amount to a form of petrol subsidy, i.e. the govt subsidising the sale of crude oil to a foreign refinery so they can in turn sell cheaper fuel to Nigeria. Just recently, a similar form of subsidising was termed 'under-recovery' by the NNPC. I may be wrong somewhere in my explanation, but maybe a petroleum economist can help out.

...and lest i forget, there's an assertion which you made which is wrong; there's absolutely no 'non-oil producing nation' which sells fuel cheaper than Nigeria. In global comparison, I doubt if there're up to 5 countries which sell petroleum products cheaper than Nigeria, and they're all oil producing nations which subsidise the products.

Yeah there are lots of non oil producing country that sell fuel cheaper To its citizen and make sure u are not converting Cos with all things be equal 1 dollar should be like 1 naira or less than 100 naira same with other countries whose currencies are more valuable than Nigeria

ecolime:
Cost of fuel will be increased again

Abeg, if i wan pray, should i pray for oil to go up or come down because, when oil price dropped Fg was complaining now e don high, they are still complaining... I no understand again oo

Failed govt. Clueless!

Brunicekid:
FG should build revamp kaduna, Warrior, portharcourt refinery for good...It will reduce overall landing cost, and stop all this buhaha! Abi, they are waiting for Dangote Refinery nii??

Dangote refinery will never open. Dangote is a liar.

Buharidgeneral:
No functioning refinery after 6 yrs of APC administration.

Build working refinery then remove fuel subsidy. Chikena

Above statement is factually incorrect.

There are 3 modular refineries in operation today;
1. Niger Delta Petroleum Resources modular refinery in Rivers State

2. WalterSmith modular refinery in Imo State

3. Opac modular refinery in Delta State

There are 3 more that are almost ready to start operations in Edo, Bayelsa and Akwa Ibom states. Another 10-13 modular refineries are either being executed or in contracting stage.

This is aside from the big ones - Dangote refinery in Lagos and BUA refinery in Akwa Ibom that will be commissioned before PMB leaves office and then we won't have to import a single litre of fuel again. I'm not even talking about the 4 moribund FG refineries which I think should be sold to private investors.

There is a concerted effort by current govt to put an end to fuel importation through support for sufficiency in local refining. Same for Power, roads, rail, ports etc. If previous govts have done their bit, we will by now be far ahead, taking our rightful position in the comity of nations. We will get there eventually with this type of focus by current govt.