Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,171,465 members, 7,881,635 topics. Date: Saturday, 06 July 2024 at 04:35 AM |
Nairaland Forum / Nairaland / General / Business / My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) (20470 Views)
Our Refinery Will Supply First Product To Market By July, Says Dangote / Dangote: My Refinery Can Save Nigeria $10bn In FX, Generate Another $10bn In Exp / Dangote: My Refinery Will Be Completed By The End Of 2021 (2) (3) (4)
(1) (2) (3) (4) (Reply) (Go Down)
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by ufotunang: 4:34pm On Jun 14 |
This man talks too much.. nigerians wants to see the fuel in the nigeria market, fuel stations at cheap price... simple |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by fitinwell: 4:44pm On Jun 14 |
ApcBacteriafonj: The Noise about this Refinery is too much joor... Let Dangote wait till the Market is now competitive.... |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by Taiwo20(m): 4:48pm On Jun 14 |
Show workings |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by Goodman247: 5:04pm On Jun 14 |
Do d talking |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by ceejayluv(m): 5:14pm On Jun 14 |
kedeojo:If Dangote sell lower than 650, make I bend..... |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by lexy2014: 5:20pm On Jun 14 |
jumper524: what is the scam associated with subsidy? |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by tivity101: 5:43pm On Jun 14 |
Dangote does not mean well for Nigeria and Nigerian people will think am lying. Wait till the refinery start producing fuel and see if it will be affordable. We saw what he did to cement, flour, sugar and other items. By the way why will a refinery that was supposed to produce fuel to ease the pains and agony of Nigerians decide to sell only diesel and aviation fuel for many months now since it's completion while we as a country are suffering from high cost of imported fuel. does this mean he doesn't know the pains Nigerians are passing through on a daily basis because of high cost of transportation due to imports fuel? yet he keeps postponing sails of fuel upandown |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by Agugbadin: 5:45pm On Jun 14 |
We keep our fingers crossed. |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by Blackdisciple(m): 5:59pm On Jun 14 |
Lolz funny man, you couldn't do same with cement you are here scoping your children not me |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by Magnumproperty: 6:16pm On Jun 14 |
dangoteinlaw:Where in my comment did you see me claim July? Let's do December since you are sure he won't be selling PMS. |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by Konquest: 6:50pm On Jun 14 |
The Chairman of Dangote Group, Aliko Dangote, has said his $20 billion 650,000 barrels per day Lagos-based refinery will crash the price of fuel as it reduced the price of diesel in Nigeria. Dangote disclosed this at a recent Afreximbank Annual Meetings and AfriCaribbean Trade & Investment Forum in Nassau, The Bahamas. Asked to speak on whether or not his refinery would crash the pump price of petrol, which sells at an average of N700 per liter, Dangote gave no affirmative answer, explaining how the price of diesel fell from 1,700 to N1,200 when his diesel flooded the Nigerian market. He noted that his refinery currently has 4.78 billion liters of storage capacity for refined petroleum products. “The issue of gasoline is certainly a different issue. That one is being dealt with by the government. But let me give you an example. In diesel, which the industries, transporters and everybody consume; when we first started, it was N1,700, and the dollar conversion was about N1,200 then. Immediately when we started, within two weeks we brought down the price to N1,000. We took it from N1,700 to N1,200 and from N1,200 to N1,700, we have given more than a 60 percent drop in price. “With the currency now back up to about N1,500 per dollar, the price is still below N1,200. That’s a big improvement, from N1,700 to N1,200. And the diesel is available, we are not living from hand to mouth anymore,” Dangote replied when asked about a possible petrol price cut. “The country doesn’t have strategic reserves in terms of petrol, which is very dangerous. But in our plant now, when you came, we had only 4.78 billion liters of various tankage capacity. But right now, we’re adding another 600 million. “So effectively, as we go forward, the refinery will be the strategic reserve of the country in terms of petroleum products,” he noted. Dangote alleged that the reason why international oil companies refused to sell crude oil to his refinery was that they did not want him to succeed. “And I think that is the process that we’re now really going through. But the truth is that, yes, the country, the sub-region, and also the continent, of sub-Saharan Africa, need this refinery. So, you expect them to fight through non-supply of crude, non-purchase of the product, but I think it’s all temporary. We’ll get there,” he added. Recall that Dangote Refinery turned to the US for 24 million barrels of crude supply monthly. Consequently, the refinery shifted the date to commence supply of fuel to July 10–15, 2024, from June. https://dailypost.ng/2024/06/14/my-refinery-will-reduce-fuel-price-in-nigeria-dangote/?utm_source=operamini&utm_medium=feednews&utm_campaign=operamini_feednews |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by zudozz: 6:58pm On Jun 14 |
ApcBacteriafonj: WILL, every year, every month, everyday WILL.... Make we dey see am nau! |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by Dwightventures(m): 7:20pm On Jun 14 |
Up till today I've not bought petrol after the full tank I bought in January at ₦580 per litre. I'm trying to wait till that crash happens but I'm almost at reserve now. I use public transport if I'm not carrying heavy stuff and I only ever go out a few times a month. |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by greatermax77(m): 7:23pm On Jun 14 |
ObaOfBeninNahMu: Did his cement factories crash the price of Cement in Nigeria Answer this question please |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by dangoteinlaw: 7:40pm On Jun 14 |
Magnumproperty:is it not apc, haha you will just loose your money for good because they will disappoint you. Remember when that refinery was launched and you were told fuel will come down to 150 😀😀 how far now. Dangote is the real gbajue 😆 |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by 7upnigeria: 7:55pm On Jun 14 |
ApcBacteriafonj: You're not in the CLASS of those that will criticize Dangote, What has the whole Nigeria ever benefited from your FAMILY? |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by Bimpe29: 7:59pm On Jun 14 |
Sigh of relief, fresh air is here and life would be better for us. |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by rasputinn(m): 8:43pm On Jun 14 |
All we hear from.Dangote is will, will will, get to it already |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by swagifted(m): 9:23pm On Jun 14 |
lol, tinubu that is preaching CNG will allow fuel to touch 400 ke...something wey de wan export collect dollars kedeojo: |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by IbeOkehie: 9:30pm On Jun 14 |
Regex: I'm glad some of us now understand the totality of the issue. It's not about WHERE fuel is produced, it's about MARKET STRUCTURE, mainly pricing. The main thing Nigerians will gain from Dangote Refinery is jobs and taxes. Petrol is selling at $0.62 = 900₦ in the world market right now. If Dangote starts selling his fuel TODAY, he must sell at approximately that price. The ONLY ways he can sell for less is if the government pays him a subsidy. Let's say he sells for ₦600. The government will then have to pay Dangote Refinery a ₦300 subsidy per liter, else it will start losing money just like the NNPC refineries. If the government INSISTS Dangote must sell at ₦600 and refuses to pay him subsidy, what will happen? It's already happening right now, he's refusing to sell to Nigerians. Also there's a legal issue. Dangote Refinery is in an EPZ or LPZ and therefore I suspect he's largely exempt from Nigerian economic regulations. He can choose to EXPORT his product and collect FULL price from buyers abroad. Indorama is already doing this with fertilizer to escape government regulated pricing. What else will happen if Dangote sells at ₦600 today? Nigerians will continue doing what they do right now, they will smuggle the petrol to sell in neighboring countries where the price is higher. Which leads to scarcity. Same exact mechanism in education by the way. Nigerian governments pay a hefty subsidy to train univergraduates with the expectation they will work in the Nigerian economy. The reality is those with the most valuable degrees - who also tend to get admitted via corruption and nepotism - migrate abroad to to sell their skills. So all the money spent by government to train them is arguably wasted. These kinds of socialist distortions are present in many facets of the Nigerian economy and that's THE REASON why the economy performs so badly for so many and so fabulously for a tiny elite. Cheap is not always best. The politically easy and popular hankering for government controlled cheap or free goods and services has destroyed the Nigerian economy. Free markets is THE ONLY solution. Alas, the vast majority of university educated Nigerians have evolved a socialist mindset and they have gotten the logical outcome - their country is the Poverty Capital of the World. Good Luck to Nigeria. 1 Like 1 Share |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by Fearurcreeator: 9:59pm On Jun 14 |
BlackfireX:Na only Dangote dey sell cement... Make them buy from another person 1 Like |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by Fearurcreeator: 10:05pm On Jun 14 |
Gbogbowa:Which your werey friend? |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by PHAYOL81: 10:14pm On Jun 14 |
Hopefully |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by IbeOkehie: 10:49pm On Jun 14 |
Error |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by finson: 11:09pm On Jun 14 |
Price will really drop when he will start selling in NGN and refining NG Crude Oil. Current business model is to buy US Crude Oil in USD, process it in NG and sell it at its own defined price. Everyone knows that he took a loan in $ so he will defintely need $ to pay back. The real challenge is the stabilization of the exchange rate. If the NGN keeps crashing agains USD, fuel price will keep increasing even if a new refinery is built in the NNPC Headquarters. |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by pebbycougar(m): 11:28pm On Jun 14 |
Austine Conserve. In compliance, Stanbic bank. guidelines on publicity references. Pebby. |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by Snapdrag0n: 1:12am On Jun 15 |
He has not reduce cement and sugar price, it's fuel he'll reduced? Trust dangote at your own heart risk |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by Khyrvxjzy: 4:52am On Jun 15 |
Gbogbowa: i know someone that work in dangote refinery said it wont work toll 2079 kedeojo |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by MomohMrMoore: 6:32am On Jun 15 |
We pray so if the government and the cabals let it happen. These two are anti-people. They exist for themselves and their families |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by MomohMrMoore: 6:37am On Jun 15 |
N1200 price is still an over-price and thats why the economy is still spiraling down since and inflation still going up uncontrollable. The people are not 'breathing' with this price. |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by Melonsmasher: 7:13am On Jun 15 |
Same way cement price was reduced |
Re: My Refinery Will Reduce Fuel Price In Nigeria – Dangote ( Pic ) by charlsecy(m): 10:29am On Jun 17 |
kedeojo:I think diesel is at the productive base of Nigeria, not petrol. |
Online Help And Trust Betrayal: How A Young Girl Defrauded Me. / Ever Been Disappointed By An ATM Machine? Share Your Experiences / The Palms Shopping Mall Has Finally Opened
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 45 |