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Nairaland Forum / Nairaland / General / Politics / Oil Marketers Abandon Scheme To Break Subsidy Regime (26338 Views)
Atiku To Tinubu: Provide Clarity On The Fuel Subsidy Regime, / Fuel Scarcity Looms As FG, Oil Marketers Disagree On Pricing / Oil Marketers Cheat Nigerians By N198,500 Per Truck Of Product Sold (2) (3) (4)
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Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by Nobody: 5:02pm On Dec 11, 2022 |
Unigrad:. Not at all. What about individuals owing the oil wells of the nation? They employ people to bring out the oil, and they use equipment to bring out the oil...and all that costs money. If you are suggesting they sell oil at a lower price...so that you can have cheap fuel, they would lose money, and while that may make me happy, it would lead to many of their workers losing their jobs, or migrating abroad for skilled jobs. |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by IbeOkehie: 5:07pm On Dec 11, 2022 |
acorntree: That's the beauty of free markets. Nigeria will continue to wallow in stark poverty until THE PEOPLE learn that free market policies are superior to socialist policies. It's really that simple, but hey I understand the pain of development. It's necessary and unavoidable. There's nothing new to this, it's the same way it was done in all those developed countries we love to visit and migrate to. Lots of people even think Sweden is socialist when it's actually more capitalist and free market oriented than the USA. I think every Nigerian should watch this video and learn. https://www.youtube.com/watch?v=jq3vVbdgMuQ Have a good day 1 Like |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by CheapHomes1: 5:08pm On Dec 11, 2022 |
Raheeqilmaktoom: 1. Who made fuel subsidy a drain pipe? 2. Good. So what percentage of the subsidy has been removed so far and how much is left to be removed? 3. That's not what I asked. This is what I asked...Who is going to increase investments in upstream and downstream? Is lack of money the reason for the lack of investments? |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by njelrapheal: 5:08pm On Dec 11, 2022 |
Kobonaire234:how will it cost 500leven with ocal refineries in nigeria |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by Nobody: 5:10pm On Dec 11, 2022 |
njelrapheal: Oga, it is expensive to refine fuel here. Once subsidy goes, the market would set their price. NNPC themselves put the price of unsubsidised fuel at N500. At least, it would cost N300. Now go and ask the person that sold you bread, why bread cost that much. 1 Like |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by BigIyanga: 5:12pm On Dec 11, 2022 |
JASONjnr:You have clearly shown zero understanding of how fuel import and subsidy work. NNPC/and ministry of petroleum are firmly in control. You cant get into this industry without their approval. 1 Like |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by IbeOkehie: 5:15pm On Dec 11, 2022 |
Unigrad: Individuals own oil wells in the USA. I remember when my wife starting working for an oil company in Texas, she was amazed at how individuals own small oil wells. You would go out to work with farmers who OWNED one or two oil wells on their ranch, in California there were even schools that owned oil wells. Government ownership of the crude oil and energy sector generally has destroyed Nigeria. If individuals owned everything all this mess won't even happen. Same in universities, primary & secondary schools, electricity, airports and seaports, forex...once government owns and controls it, the result is ALWAYS scarcity, corruption and stagnation. Tufiakwa for socialism. 1 Like |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by IbeOkehie: 5:19pm On Dec 11, 2022 |
Kobonaire234: I wonder where people get the notion that fuel MUST be cheap in Nigeria if it's refined locally? Poverty has fried peoples brains. Most of these people are probably university graduates and they don't understand concepts like world prices, commodity markets and all. Hmmmm, only God can save this country, the people certainly have lost any cognitive ability to do it by themselves. 1 Like |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by njelrapheal: 5:23pm On Dec 11, 2022 |
Kobonaire234:q What are these components that are imported. |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by njelrapheal: 5:27pm On Dec 11, 2022 |
Kobonaire234:How is international oilpricea meant to affect locally produced petrol.please explain further |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by Nobody: 5:30pm On Dec 11, 2022 |
njelrapheal: Cost of the crude is basically almost the same worldwide. Nigerian crude oil price , probably not as high as the world average, is very close to it, assuming that we are selling to local refineries. SO when oil prices rise up, the price of crude rises, and with it the price of petrol... I guess you would probably say that Nigerian crude oil people should cut their prices..for domestic refining...but that would lead them to operate at a loss, and a lot of people losing jobs as a result. |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by njelrapheal: 5:31pm On Dec 11, 2022 |
Kobonaire234:300 is a fair price for today. If the refineries worked.we would have broken even and be refining at a low cost bar materials for refining. Also the abundance should force it down. Other countries have higher pump.price cos they have to import the oil before refining |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by Nobody: 5:32pm On Dec 11, 2022 |
njelrapheal: LOL....so you expect Nigeria to make refinery components? Please, you should not make me laugh. |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by Nobody: 5:36pm On Dec 11, 2022 |
njelrapheal:. So, you have accepted some deregulation .... If the refineries worked.we would have broken even and be refining at a low cost bar materials for refining. Let me tell you a secret...the fuel we use in Nigeria...we send crude to some of Europe's environmentally unfriendly refineries...to refine that crude...which we bring back in at N510 per liter. If we were refining it properly...it would cost more than that. Refining fuel costs a lot of money. Also the abundance should force it down. Other countries have higher pump.price cos they have to import the oil before refining There are many oil producers with prices higher than that of Nigeria.USA , a cost of one liter costs N432 |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by njelrapheal: 5:37pm On Dec 11, 2022 |
Kobonaire234: Our neighbours dont have this oil . Also cost of transport would be greatly reduced since these refineries are closer to the wells. Govenment can grant tax inventives to these lines of business in the interim seelling price could take care of maintenence. Of cos the govenment cannot determine the price by then |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by Nobody: 5:40pm On Dec 11, 2022 |
njelrapheal: Niger, Chad, Cameroon, Ghana, and even Benin would like to have words with you. Also cost of transport would be greatly reduced since these refineries are closer to the wells. LOL...transport cost is transport from refinery to end user...not refinery to well. Hembelembe!!! Plus transport is done using expensive diesel trucks...diesel is very expensive. Govenment can grant tax inventives to these lines of business in the interim seelling price could take care of maintenence. Of cos the govenment cannot determine the price by then Tax incentives are great, but it does not mean cheap price. 1 Like |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by IbeOkehie: 5:42pm On Dec 11, 2022 |
njelrapheal: This is not a reasonable question. We should be asking what components are NOT imported. And no one here has claimed to be a petroleum engineer or such. Refining crude oil into kero, petrol and diesel involves some sort of cost. That's all. The world price of petrol right now, at this moment, is at least ₦230 to ₦350 and there's no way it can cost less in Nigeria. That's all anyone needs to know. Ghana, Cameroun & Niger Republic are crude oil producers and they sell to their people at world prices and we know those countries are poorer than Nigeria Nigerians don't want to pay full price for ANYTHING, that's OK as long as they realize the implications of their choice, which is a stagnating economy and everlasting poverty for 99.999% of the population. Enjoy your cheap economy and stop complaining. Nigeria used to have perennial scarcity in telecoms and cement. Banking was the same, ALL banks were owned by government and there was lots of corruption. I remember when I was growing up when bank managers were gods because they could give out loans that wouldn't be paid back. Those problems in telecoms, cement and banking were solved with privatization & price deregulation. If Nigerians can't learn from the experience in banking, telecoms and cement then they're real Zombies in a Zoo. The lessons are clear. Privatize and deregulate EVERYTHING possible and where not possible like airports, Universities and seaports, give them to the State Governments. The Niger Bridges, give one to Delta State and the other to Anambra State. It's really that simple, there's nothing to argue about, do it and watch an economic miracle unfold. 1 Like |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by njelrapheal: 5:42pm On Dec 11, 2022 |
Kobonaire234:lagos state tax alone would be used fo get other refeniries working and then other IGR can be used to get the other running. 10billion dols in 5 years is an easy feat. |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by Nobody: 5:43pm On Dec 11, 2022 |
njelrapheal: You are being very unrealistic. Oga, for the last time, things, including petrol, cost money. |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by IbeOkehie: 5:46pm On Dec 11, 2022 |
Kobonaire234: ![]() No Nigerian wants to hear this. All they want to hear is FREE....awoooof....cheap, CHEAP, cheeep, freeee government money. Even getting Nigerians to pay RENT....house rent....is a problem ![]() Kobonaire234: I wonder if Nigerians KNOW the reason their fuel is still transported in trucks ![]() 1 Like |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by njelrapheal: 5:50pm On Dec 11, 2022 |
Kobonaire234: Local sale to refineries eliminates so many other cost. FX AND ALL..it would be a cheaper sale for both parties.. |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by njelrapheal: 5:53pm On Dec 11, 2022 |
Kobonaire234:We have most raw materials.for it..what is holding us back..sim is now 100. Even when we import.most.stuff in the telecomms.ind. |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by njelrapheal: 5:57pm On Dec 11, 2022 |
Kobonaire234:i would not cost that much to refine. U make it look like its so expensive to refine so it can land at 510 when u urself said the average prive at other markets nnpc buys is at 250 |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by Nobody: 5:58pm On Dec 11, 2022 |
njelrapheal: Oga, please, you are making me laugh. Good evening. 1 Like |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by njelrapheal: 6:01pm On Dec 11, 2022 |
Kobonaire234:/h The s e countries dont have it like we do hence they still need import. Who says u have to use deisel.. besides by then diesel costs would drop too because they ate locally refined. |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by njelrapheal: 6:04pm On Dec 11, 2022 |
IbeOkehie:2 3 0 is a fair price if u ask me. J sound a bit harsh. I also want subsidy dropped |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by IbeOkehie: 6:06pm On Dec 11, 2022 |
njelrapheal: Simcards are cheap because the industry they service is privatized and prices are deregulated. Do the same in any industry in Nigeria or any country in the world and the effects will be the same. The crude oil & natural gas industry in Nigeria is government owned and controlled and the prices are regulated. There's nothing more to the story. That's REALLY all there is to it. So you either support privatization & deregulation OR you support government ownership and control and regulation of prices. All the other details don't matter. When NITEL was the sole phone company in Nigeria, owned by government, it only managed to provide 900,00 phone lines, including their MOBITEL subsidiary. When telecoms was privatized and deregulated, Nigerians were provided with over 20 million phone lines within 10 to 15 years. Nobody cares how it was done, it was just done by private investors in search of profit. I remember how scarce CEMENT used to be when I was growing up. I remember grown men running from pillar to post speculating about where somebody saw cement last week or when the next ship was going to land in Lagos with cement. So these arguments are pointless. Either do free markets or continue with socialist market policies. It's a clear choice and the inevitable results are also known. You get what you pay for, that's an unbreakable rule of life. Nigerians want cheap petrol? Fine, government should set the price at ₦40 and be done with it. That will be wonderful, Nigerians will be happy. I don't know what they're waiting for, we own the crude oil and it's our right to have cheap fuel abi? Just do it. njelrapheal: Whatever man! There's nothing like FAIR price. There's only PRICE, the price in the market at any given time. Anything else is just so much talk. |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by njelrapheal: 6:07pm On Dec 11, 2022 |
Kobonaire234: How am I being unrealistic.you make it look lik e its g oing to ost the world to get a refinery working |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by ADAMUdaCOWBOY: 6:09pm On Dec 11, 2022 |
Kobonaire234:Deal with corrupt people not subsidy. Treat the disease not it's symptom. Sharp practices by who? The government, their friends and families? Hmm! |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by Nobody: 6:18pm On Dec 11, 2022 |
ADAMUdaCOWBOY: Subsidy is what is fueling the corruption. When you bring in fuel at N510 and sell it at N180, there will be sharp practices. Plus, the cost of the subsidy rises...and takes a larger percentage of our budget. Dealing with the corrupt won't solve that problem (I have not even mentioned the massive smuggling of cheap fuel done by the great and the small across all our borders.). 1 Like |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by IbeOkehie: 6:18pm On Dec 11, 2022 |
ADAMUdaCOWBOY: Who do you think smuggles cheap fuel from Nigeria to Cameroun and Benin Republic and sells it at ₦430? https://www.google.com/search?q=nigeria+fuel+smuggling&rlz=1C1SQJL_enUS816US816&oq=nigeria+fuel+smuggling+&aqs=chrome..69i57j0i22i30j0i390l5.7012j0j4&sourceid=chrome&ie=UTF-8 ORDINARY NIGERIANS, that's who does it. Same way ORDINARY Nigerians pay bribes or offer sex to enter university, pay bribe to get forex at CBN. Same ordinary Nigerians offer bribes to police at checkpoints. Abeg make I hear word! 1 Like 1 Share |
Re: Oil Marketers Abandon Scheme To Break Subsidy Regime by Raheeqilmaktoom: 6:59pm On Dec 11, 2022 |
CheapHomes1: 1. What's the name of something you keep on paying year on year which keeps on increasing and whose value does not show while at the same time stoping you from making inroads in other things? 2. None, according to public sources. 3. PIA was meant to spur investments by especially the private sector (the driver's of the economy), waiting for govt to do something in Nigeria is going to take you forever. E.g the dangote refinery, at a cost of $25b, I doubt if it will ever be done by a Nigerian govt. Don't forget that in just around 2012 when the idea was first mooted, cost was placed around $12b, it ballooned to the current value requiring model thinking in financing and partnerships. No business will invest money and be told to produce and sell below the ideal market price. Give the private sector the room to invest their money, regulate, collect taxes and royalties. 2 Likes |
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