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Nairaland Forum / Nairaland / General / Politics / Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases (17975 Views)
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Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by Nobody: 3:13pm On Mar 01, 2022 |
NotoriousBiggyS: Well, Dangote refinery cost over 10 billion dollars, 3 billion of which is his own money, the rest of which was loans. And the banks gave him the loans because they know that if he defaults, they take over his lucrative other businesses and pay themselves Government should build refineries. But since subsidy forces them to sell fuel at a loss, they in essence use money that could have been used for refineries to pay for subsides to cover the losses. Good afternoon |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by samwheel(m): 3:14pm On Mar 01, 2022 |
Soffyh: I'm a Yoruba, but I'm not a fool and a bastard like u. Tinubu packaged buhari to Nigeria, now d old senile greedy thief wants to come and die there and animals like u are still sucking his toes 5 Likes |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by alphaNomega: 3:33pm On Mar 01, 2022 |
Indelibleage:See wetin you dey write because of ordinary fuel |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by clems88(m): 3:34pm On Mar 01, 2022 |
Been trying to get fuel for my gen since last week Thursday. They don't sell for kegs. Had to lose the tank of my gen and take it to petrol station today before I bought. The annoying thing is they condition us with gen tank that they are only selling 500 naira own for us. |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by clems88(m): 3:37pm On Mar 01, 2022 |
ppogba:that useless filling station wey their short manager dey flex muscle. He go chop beating very soon. |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by Splitmind: 3:41pm On Mar 01, 2022 |
I have fuel in my area so they should stop moaning |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by carsy(f): 3:46pm On Mar 01, 2022 |
Please where in Ibadan? I have been trying to buy fuel for two days now eh. The stress is too much Splitmind: 1 Like |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by ppogba: 4:09pm On Mar 01, 2022 |
clems88: Manager dey flex muscle is what you are complaining about? Perhaps, maybe you have enough fuel or you are ready to buy at N220 with long queue. Truth is, it it time for station managers and even attendants on a monthly salary of 10k to flex. The government has made it so. |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by ppogba: 4:12pm On Mar 01, 2022 |
Splitmind: The fact that you have in your area does not mean others that have queued at fuel stations since 5am should not moan. |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by iokpebholo: 4:30pm On Mar 01, 2022 |
Where is helinous, seunmsg,yarimo and other foolish zombies on this forum..Hope u guys are getting ur fuel direct from NNPC ![]() |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by poiZon: 5:04pm On Mar 01, 2022 |
backbencher:You and who dey sell crude oil for N162? Shebi i tell u to stop commenting on anything fuel, cos u don't know anything in that sector. U r just like buhari pre2015 that talked rubbish and fools paid attention. |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by Nobody: 5:09pm On Mar 01, 2022 |
poiZon: Good evening and good luck. This is my last mention for you |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by Duplik8t77(m): 5:10pm On Mar 01, 2022 |
backbencher:stop saying this nonsense bro. This bullshit defies logic and economics. |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by Nobody: 5:11pm On Mar 01, 2022 |
Duplik8t77: Good evening and good luck Thanks for your time |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by tito44: 5:18pm On Mar 01, 2022 |
backbencher: Very stale lines. All these zombies sef...empty skulls |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by Nobody: 5:18pm On Mar 01, 2022 |
tito44: Thank you very much for your kind words. I'll certainly keep them in mind. Good evening again, and may your days be long and prosperous. |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by Duplik8t77(m): 5:19pm On Mar 01, 2022 |
backbencher:goodluck to you too in your flawed attempt to always defend the ineptitude of this government. Where are the shitty refineries buhari promised. How much does it cost to build a refinery in all the geopolitical zones. How much does it cost to revive the redundant refineries. So apc did not put all the bs you typed into consideration before making empty campaign promises. The earlier you realise that alot of people in govt are making a killing by not allowing us refine our own crude and thereby maintaining the importation status quo, the better for you. Except of course you are one of those benefiting from the bs. Go to the streets and see how people are suffering to get fuel. Fares are on the increase too. And you are wherever talking gibberish about how increase in crude price, leads to increase in price of local petrol The same price of crude they said Jonathan looted without saving when it was selling for over 100dollars. Now it is over 100 dollars for them and they still saying nonsense through you |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by tito44: 5:19pm On Mar 01, 2022 |
backbencher: Good boy. |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by Nobody: 5:20pm On Mar 01, 2022 |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by poiZon: 5:20pm On Mar 01, 2022 |
backbencher:Tell me who is selling crude oil for N162? |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by tito44: 5:21pm On Mar 01, 2022 |
backbencher: Good boy. You are learning |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by Nobody: 5:29pm On Mar 01, 2022 |
Duplik8t77:. Well, I support subsidy removal. Buhari does not. I also support measures to get us off oil, Buhari does not. I support refroming the police, Buhari does not. I also support removing subsides on power , Buhari does not. Where are the shitty refineries buhari promised. How much does it cost to build a refinery in all the geopolitical zones. How much does it cost to revive the redundant refineries. So apc did not put all the bs you typed into consideration before making empty campaign promises. Well, considering Buhari supports subsidy, I knew , as far back as 2013, that any promises he made about refinereis was a lie, or more charitably, impossible. The only way you can have functional refineries is by removing subsides. And allowing the petroleum industry to make a profit. Anything else is just hokum. That is why Niger republic has a functional refinery...they don't have subsides, and they refine for a profit. To the point that they are now an exporter of refined PMS. The earlier you realise that alot of people in govt are making a killing by not allowing us refine our own crude and thereby maintaining the importation status quo, the better for you. Except of course you are one of those benefiting from the bs. Yes i know that, which is why I want to deny them of their bread by removing subsides, and making it easier for the petroluem industry to make a profit to build, own and operate refineries without government spending money. Which is why we have a GSM sector...we allowed the GSM companies to make a profit. As a result, we got a working telephony and internet service without spending a dime of government money.(to say nothing of jobs created). Go to the streets and see how people are suffering to get fuel. Fares are on the increase too. And you are wherever talking gibberish about how increase in crude price, leads to increase in price of local petrol Good, so let us either 1.Remove subsidy or 2. Keep it, but fund it, not from crude oil revenue, but from taxing every taxable adult in this country to fund the subsidy. (Right now, 30% of taxable Nigerians actually pay income tax to the government at state and Federal level. Our tax to gdp ratio is a very low 8%. South Africa too has the same problem, but they have a more diversifed economy, and can tax that...thus tax to gdp there is 24%) Removing subsidy means the petroleum sector makes a profit to build and repair refineries without government spending money. And it provides jobs, and earns us revenue by making us an exporter of refined petrol...like Niger republic. Plus taxes. |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by Nobody: 5:30pm On Mar 01, 2022 |
tito44: [s]Just as you are learning from your husband, good girl[/s] Apologies, it was not in my character to abuse you. Good evening. I won't disturb you again. |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by ema2020: 5:31pm On Mar 01, 2022 |
backbencher: |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by Nobody: 5:33pm On Mar 01, 2022 |
ema2020: ? |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by GreatAxeMan: 5:45pm On Mar 01, 2022 |
Who created the conditions which led to the destruction of the refineries in the first place and why should the ordinary Nigerian pay for the incompetence of government? backbencher: |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by tito44: 5:51pm On Mar 01, 2022 |
backbencher: nice one boy. You are learning well. |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by Nobody: 5:55pm On Mar 01, 2022 |
GreatAxeMan: In 1973, government brought in subsidsies for petrol, because of the oil shock occasioned by the Yom Kippur war. Initially, the subsides were basically government reducing the price of PMS and other products by taking a bit of the profit. The oil sector still made a profit, and there was money to keep refineries running, and even build 2 new refineries self..taking it to 4. Then in the late 1980/early 1990's, government in essence forced the oil sector to sell refined products like petrol, diesel and kerosene at a lower price than their cost of production, which meant that the oil sector lost money when they sold petrol But government then decided to pay them a subsidy to cover the loss....while doing things like paying NNPC workers from crude oil revenue instead of the profits they made selling refined products like before (which did not exist now because they were selling below the production cost) By 1993, Nigerian refineries missed their first turn around maintenance, simply because money was not there to keep them well maintained....and began slowly depreciating until by 2011, we were producing 6 million out of the 42 million liters of fuel per day of fuel. And that's why we don't have refineries. To have refineries, they have to sell whatever they produce at a profit. Subsidy does not let them do so, plus subsides do not cover their losses resulting from selling petrol at a price below what it costs to produce it...said cost of production always rising because of rising oil prices, and depreciation in the naira brought about by us spending an increasing amount of crude oil revenue on subsidy. That's the story. You are free not to believe it. And yes, it shows how inept government is, by taking a decision to sell fuel at a loss, and by not letting the industry run profitably. And it affects the industry in other ways. We now refine fuel abroad in substandard refineries, at a cheap cost, so as to keep subsidy costs low, and the price low.And have been doing so for years. That;s how we got into the bad fuel mess. And even then, the PMS we use here is bad quality. 1 Like |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by Nobody: 5:57pm On Mar 01, 2022 |
tito44: You are free to abuse and laugh at me, but I stand by what I wrote about subsides and the industry, and why they should go. It is my opinion. Subsides have to go. We are losing money every year by keeping them, and getting into debt heavily as a result. So laugh, but ye can't change that. And grow up. |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by GreatAxeMan: 6:22pm On Mar 01, 2022 |
backbencher: This is actually misleading. Nigeria did not have any refineries in 1973 and the number of cars plying Nigeria's roads in 1973 were probably not more than a few hundred thousands, so any temporary subsidy at that time wouldn't have been as astronomical as it is now. Then in the late 1980/early 1990's, government in essence forced the oil sector to sell refined products like petrol, diesel and kerosene at a lower price than their cost of production, which meant that the oil sector lost money when they sold petrol In the 1980s all 4 of the refineries were refining enough products to satisfy the needs of the domestic market. But government then decided to pay them a subsidy to cover the loss....while doing things like paying NNPC workers from crude oil revenue instead of the profits they made selling refined products like before (which did not exist now because they were selling below the production cost) Nigerian refineries missed their turn around maintenance because of the insatiable greed and corruption of the Babangida and Abacha regimes and the low price of petroleum caused by Britain's Margaret Thatcher engaging in a price war with OPEC. It's because of these factors that there was no money for turn around maintenance. And that's why we don't have refineries. To have refineries, they have to sell whatever they produce at a profit. Subsidy does not let them do so, plus subsides do not cover their losses resulting from selling petrol at a price below what it costs to produce it...said cost of production always rising because of rising oil prices, and depreciation in the naira brought about by us spending an increasing amount of crude oil revenue on subsidy. I agree in substance with this submission, but you overlook the fact that market demand has kept on growing through the decades and the government's failure to privatize early and encourage the building of more refineries. It's actually competitiveness that reduces prices. That's the story. You are free not to believe it. And yes, it shows how inept government is, by taking a decision to sell fuel at a loss, and by not letting the industry run profitably. And it affects the industry in other ways. That still doesn't justify making the ordinary citizen to suffer for the greed and ineptitude of government. |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by Nobody: 6:31pm On Mar 01, 2022 |
GreatAxeMan: I think we had one refinery though...or two(Old Port Harcourt and Warri) In the 1980s all 4 of the refineries were refining enough products to satisfy the needs of the domestic market. Yes, because the subsidy at that time did not mean that they had to sell said product below the production cost. Government cut their price, but still kept it above production cost. That changed from 1988. Nigerian refineries missed their turn around maintenance because of the insatiable greed and corruption of the Babangida and Abacha regimes and the low price of petroleum caused by Britain's Margaret Thatcher engaging in a price war with OPEC. It's because of these factors that there was no money for turn around maintenance. And because we suddenly decided to sell petrol below the production price and took certain measures like underpaying for the refining process....all to keep subsidy costs low. (subsidy being the amount now paid to cover the losses resulting from the government now selling petrol below the production cost. I agree in substance with this submission, but you overlook the fact that market demand has kept on growing through the decades and the government's failure to privatize early and encourage the building of more refineries. It's actually competitiveness that reduces prices. Yes, which is why I support subsidy removal. It would encourage that competitiveness. That still doesn't justify making the ordinary citizen to suffer for the greed and ineptitude of government. And it still does not justify us selling fuel at N162, when the landing cost is way above that, and paying a subsidy that does not cover the loss. Same thing happened in Venezuela. Decades of subsides means no profits means they have bad refineries. Plus, they lose 18 billion dollars to smuggling because their neighbours all sell at market price. Same thing in Nigeria Plus the thing is forcing us into debt. Making the same masses suffer well well. (Budget deficits). Right now, we have to find 3 trillion to cover subsidy costs, up from one trillion some years ago, and 2 trillion last year. |
Re: Fuel Scarcity: Ibadan Residents Groan As Petrol Price Increases by kay29000(m): 6:32pm On Mar 01, 2022 |
Abikeade11: It is well. That's why I ran to lagos last week. Fuel scarcity situation in lagos is still better in lagos than Ibadan right now. |
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