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Nairaland Forum / Nairaland / General / Politics / Fuel Queues Resurface In Lagos, Marketers Blame Depots (10706 Views)
Fuel Scarcity: Major Marketers Blame Thunderstorm / Gridlock As Fuel Queues Resurface In Lagos / Queues Resurface As Tinubu Announces Fuel Subsidy Removal (2) (3) (4)
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by Nobody: 8:55am On Nov 23, 2022 |
membranus: Yes, and all those countries pay for those subsides by taxing everyone heavily...and they only give some people subsidies...the poorest of the poor. Or selected groups. Not everyone. And if we charged taxes at the rates they do in those countries, you guys will cry and complain. Yes, the masses benefit from 'cheap prices', but at the end, the market price must be paid...from our oil revenue...meaning we have to take loans to fund things like projects and salaries, as subsidy costs increase. Guess where the money to repay the loan will come from? The massess. Things cost money. Either we pay market price for petrol at the pump...or we pay for it in loans, debts, and more loans....or we make everyone pay tax...including beggars and the unemployed...to fund the subsidy. It costs money to refine petrol. Selling it at a loss...and paying a subsidy to cover that loss inadequately for 50 years has led to us losing 4 good refineries and being a net importer of fuel.
Niger pays N400 and above for fuel, as does Cameroon, and even Sierra Leone and Liberia. They haven't exploded. Plus Ghana makes enough profit to keep two refineries running...ditto Niger (one refinery). |
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by Bantu10: 9:07am On Nov 23, 2022 |
Kobonaire234: keep writing trash all in the name of sounding woke
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Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by Nobody: 9:09am On Nov 23, 2022 |
Bantu10: Okay...I hope you are selling the bread you baked for N1000 per loaf at N200 per loaf , meaning you lose N800 , to help the poor survive.....poor man must survive, and inflation must be prevented... Sometimes I wonder who is talking rubbish? 1 Share
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Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by yesloaded: 9:17am On Nov 23, 2022 |
Kobonaire234: Have you asked why it cost 300naira to refine 1ltr? |
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by Nobody: 9:18am On Nov 23, 2022 |
yesloaded: Have you ever asked why a plastic bottle of coke costs N250 , instead of N10? |
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by membranus: 9:26am On Nov 23, 2022 |
Kobonaire234: They haven't exploded because they don't have large crude oil and gas deposits like Nigeria, whose benefits are being enjoyed brazenly by only a few segment of the population. So since their deposits are not enough to satisfy their country energy needs, they therefore paid for what they buy. As for making profits from refining oil, all refineries from across the world makes profits (except Nigeria), but it is how those profits are managed that determine national development. Ghana is now facing the problem of government functionaries mismanaging the little money being made from their oil exploration and production just like Nigeria. Like I said before, public sentiments there against their government are nearing boiling point. And besides Ghana does not have that large enough of deposits to expect subsidies from their government just like it is being done across oil rich Arab governments, where a lot of their national needs are being subsidised. Nigeria resources are being mismanaged, including the subsidy regime itself, that's why they are finding it difficult to maintain it. And even if they remove the subsidy, they will still build a strategy around it to continue cheating the masses, while the gains from it will still be looted by a minute percentage of the people. Like I said earlier, dissolution or restructuring of the country is the solution to the rotten internal core of this nation, in the guise of corruption, which have destroyed everything of values. 1 Like |
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by yesloaded: 9:27am On Nov 23, 2022 |
Kobonaire234: Plastic bottle of coke was 200naira here (retail price) but not 250naira Mind you, when soft drink was sold for 5naira, how much is dollar/Naira back then? I asked u the question based on your analysis. 1 Like 1 Share |
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by Nobody: 9:30am On Nov 23, 2022 |
yesloaded: There is your answer. |
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by Nobody: 9:37am On Nov 23, 2022 |
membranus: That's a very poor way of looking at Ghana's economy. Ghana has corruption, bad governance issues, and a bad currency. As for making profits from refining oil, all refineries from across the world makes profits (except Nigeria), but it is how those profits are managed that determine national development. Ghana is now facing the problem of government functionaries mismanaging the little money being made from their oil exploration and production just like Nigeria. Like I said before, public sentiments there against their government are nearing boiling point. And besides Ghana does not have that large enough of deposits to expect subsidies from their government just like it is being done across oil rich Arab governments, where a lot of their national needs are being subsidised. Neither does Nigeria. We don't earn enough from oil...at best 70 billion dollars a year if oil remained at 100 dollars per barrel throughout the year....when we need something like 200 billion or more before we can even talk about earning enough money for our needs. Nigeria resources are being mismanaged, including the subsidy regime itself, that's why they are finding it difficult to maintain it. And even if they remove the subsidy, they will still build a strategy around it to continue cheating the masses, while the gains from it will still be looted by a minute percentage of the people. Because subsidy means free money, mismanagement is going to enter into the issue. (That's why it has to go). But even without it, subsidy would still be expensive for the reason that production costs rise every year....and if we want to keep on selling fuel cheaply, we either raise the amount of money paid in subsides...or we reduce the amount paid in subsidy, which then manifests in higher prices. And eventually, the debt that results from maintaining subsides becomes too much for the economy to bear. Because a time comes when subsidy is eating most of the budget, and you have to finance the budget via loans...(That's why East germany collapsed...they subsidsed everything...and while it meant that poor people had a good standard of living...the debt that resulted was too much a burden) Subsidy just takes the burden of high prices and replaces it with the burden of high debts and loans. Like I said earlier, dissolution or restructuring of the country is the solution to the rotten internal core of this nation, in the guise of corruption, which have destroyed everything of values.[/quote] We can divide the country, but it still does not change the fact that you would get cheap fuel...either by paying for it via loans and high taxes...or both....or you just pay the market price. Things cost money. |
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by Treadway: 10:02am On Nov 23, 2022 |
sukkot:no be Messiah at all o. But I really think he is the least of the three evils. |
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by sukkot: 10:04am On Nov 23, 2022 |
Treadway:and i agree but doesnt mean he would fix nigeria or even knows how to. 1 Like |
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by yesloaded: 10:10am On Nov 23, 2022 |
Kobonaire234: No that's not my answer There's no justification for inability to refine oil locally Are you saying dangote will refine 1ltr of oil at 300naira? |
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by membranus: 10:21am On Nov 23, 2022 |
Kobonaire234: You are yet to answer my query above, even if they the petroleum subsidy entirely removed, how will the gains from it benefit the wretched masses of the country? Will it not become an additional money to loot by the country's elites, hiding under the guise of providing shoddy infrastructural facilities? 1 Like |
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by Nobody: 10:36am On Nov 23, 2022 |
membranus: Benefits 1. No debts from subsidy...because we won't need to spend budget money on subsides anymore. 2.As for 'it becomes additional money to loot'......that is why we are a democracy. We now have the power to put pressure on our leaders to ensure money is spent. 3.Back to benefits. No subsidy means that refining petrol makes sense from an economic view...which means that there would be more investment in refineries at home (Dangote will have competiton)...which means more jobs, directly and indirectly...and more tax revenues for government to spend on the budget. 4.Finally, it means that we no longer waste scarce forex eventually on importation and subsidy...which means more dollars available...which means....naira value goes up, and 'prices of petrol eventually drop' so to speak. |
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by Nobody: 10:39am On Nov 23, 2022 |
yesloaded: He will even refine it more than that...because he has to pay salaries, running costs, cost of crude (government is selling crude to him at market price, the only concession made is that he will buy in naira), and then there is transport costs. Oga, what you really want is N40 fuel. I am telling you it is not possible. If you can't get that, sorry. And you did not answer my own question...will you sell at a loss to help the poor? Your question is rhetorical....you are not interested in my answer...because you know the truth , and the truth is bitter.You just want to call me an oppressor. You are the people that voted for Buhari because he promised you N40 fuel. |
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by yesloaded: 10:44am On Nov 23, 2022 |
Kobonaire234: Hmmm Your last line really baffles me Well, check my previous post to know my person Good morning |
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by Nobody: 10:50am On Nov 23, 2022 |
yesloaded: If you don't want cheap fuel, why are you so bothered about subsidy removal? You want cheap fuel. Like Buhari and company. |
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by FODA(m): 11:34am On Nov 23, 2022 |
yesloaded:Al Our leaders are evil ,I can't fathom how an individual will built a working refinery of global standard,but a whole nation cannot boast of one, something is wrong somewhere. 1 Like |
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by membranus: 11:53am On Nov 23, 2022 |
Kobonaire234: All these your points for removing the subsidy only holds water in a government which have tight reins on how the revenues of the country are being spent. And not in Nigeria where a common Accountant General of the nation have the opportunity and effrontery to singly loot N170bn of its commonwealth, and nothing is being done about it. Or where a former NNPC head hide a private stash of foreign currencies in a safe in his village, or where a former Minister of Petroleum Resources personally looted almost $3bn of the national treasury. Or moreover Dangote refinery is going to come on course in 2023, so the FX spent on oil importation will remain in the country, and the subsidy part of it will be lessened. And Dangote does not need a competitor, its refining capacity is enough for the national needs and above. And as for democracy and pressure upon our leaders to behave, the abrogated powers of our criminal leadership and beaurocracy are beyond the influence of the voting masses. They are all the same flux of polithiefcians moving from one party to another, rigging the laws to favour themselves. So let the subsidy remains, it is the only thing the masses enjoy in this highly molested economy. |
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by Nobody: 12:11pm On Nov 23, 2022 |
membranus: Then don't complain when we take loans to make up the deficit caused by the subsidy. Infact, stop complaining about Buhari's loans... Things cost money. 1 Like |
Re: Fuel Queues Resurface In Lagos, Marketers Blame Depots by Nobody: 12:21pm On Nov 23, 2022 |
FODA: Dangote is building his refinery in anticipation of the subsidy removal next year...which means he can charge full market price for his refined products, and make a healthy profit to keep the refinery running well. As for why nnpc refineries don't work, for the last 50 years, government has forced NNPC to sell fuel from the refineries, first for a bit of its profit, then at a loss. As a result...NNPC did not have enough profit to keep its refineries working well...and over 3 decades, they all collapsed. Plus subsidy made it profitable to invest in stealing government money, instead of building refineries. |
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