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Nairaland Forum / Nairaland / General / Politics / Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre (20896 Views)
Marketers Eye ₦700/litre Diesel After Dangote Price Cut / Petrol Will Cost 700/litre Begining From July 1st / Marketers Project ₦700/Litre Petrol (2) (3) (4)
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Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by adecz: 8:19am On Jun 11 |
Please, what is the job of Nigerian Customs Service and other border officials❓❓❓ We Always concentrate on our smuggled Petroleum products, but never question how tankers of fuel pass through the borders to neighboring countries. This is the same Customs Service that can detect someone trying to cross the border with a milk cup of foreign rice but can't detect a trailer or tanker of petrol being smuggled out. |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by sulaak(m): 8:24am On Jun 11 |
If Nigeria's refineries are operational, then there is a ready market across West Africa |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by Oshin56(m): 8:25am On Jun 11 |
SalamRushdie:what are you expecting before, let him announce NMW finish new tax and Petro price go follow.... |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by wolebest: 8:28am On Jun 11 |
OmotolaDeniro: Nigerians should be making.money supplying the whole of West Africa fuel...........if we have it lets use it. |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by Johnthesuccess: 8:28am On Jun 11 |
Dannyset: May God bless you. Most of these guys on nairaland are kids with no experience or exposure. Just want to abuse Tinumbu with every topics. They don't even understand the topics. Can you imagine his comment? These guys are very annoying honestly. 1 Like |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by soullove1881(m): 8:28am On Jun 11 |
VeeVeeMyLuv: Maybe they'll change the PMS (Petroleum Motor Spirit) price to #1500 to discourage hoarding.🤣 On floating the exchange rate, it's a complicated decision. There's no need to have officials operating in parallel. It's like robbing Peter to pay Paul. Currently, you can get USDT (Tether) on exchanges and send it to Chipper Cash for a 1:1 exchange rate with USD. Then, you can use the USD to purchase anything worldwide. In the past, politicians were smuggling official dollars to sell at the parallel rate. What the CBN (Central Bank of Nigeria) needs to introduce is a cashless dollar system. This way, everyone will deposit dollars into banks and spend cashless, with the option to withdraw dollars when exiting the country and deposit them upon entering Nigeria. This will reduce pressure on demand and allow liquidity. However, you and I know it's not possible, they're th!eves. Politicians prefer stealing dollars instead of Naira by inflating contracts and requesting proceeds in dollars and other foreign currencies to bypass BVN (Bank Verification Number) and easily store them at home. What a funny country! 2 Likes |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by Oshin56(m): 8:28am On Jun 11 |
adecz:na them them now or did you think poorman get money to buy fuel tanker. some people will be supporting them to cage the poor man food by closing borders. 1 Like |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by poiZon: 8:29am On Jun 11 |
OmotolaDeniro:Is it IMF that is making our border porous, smugglers now have field day doing their thing? |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by SalamRushdie: 8:30am On Jun 11 |
just2endowed: That's the fault of the customs then , they have just one job to secure the borders |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by SalamRushdie: 8:31am On Jun 11 |
DMerciful: Exactly 1 Like |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by SalamRushdie: 8:34am On Jun 11 |
ShogunNoName: Is this the first time the govt is blaming west African countries for the overbloated subsidy fraud ? If tankers are taking Petrol out of Nigeria then it's the fault customs |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by sulaak(m): 8:35am On Jun 11 |
Emu4life: Removing Fuel subsidies and floating the Nigerian naira are IMF policies that Atiku, Peter Obi, and Tinubu all signed up for. The policies were always going to fail because the country's electricity, manufacturing, and transportation all depend on cheap fuel. OBJ, GEJ, and Buhari had more than 20 years to fix the electricity problems and build new refineries but did nothing because importing foreign refined fuel created an opportunity to steal. 1 Like |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by Awesome01(m): 8:36am On Jun 11 |
Scam. |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by grandstar(m): 8:36am On Jun 11 |
stonemasonn: Many of you have a very poor understanding of economics. Have any of you never pondered why Dangote has not begun refining PMS which is the largest consumed refined oil in the country? Instead, he chose diesel and kerosene. It's because there's a subsidy on petrol. That means it's being sold below it's production cost. In economics, one would say the price is neither cost or market reflective. Dangote will not sell his product at a loss. The existence of this subsidy has held the economy back. One of the reasons why the country has massive budget deficits is because of this subsidy. Government plans to borrow 6.6trillion to cover the deficit and the fuel subsidy will take 5.5trillion. In 2022, cost of debt servicing was higher than government revenue. That meant after after servicing debts, there was nothing in the kitty for government to spend! Alarge percentage of that debt was due to the fuel subsidy. Government borrows money to subsidize fuel. Another reason why tge fuel subsidy is bad is that it has adversely affected the downstream sector. It discouraged investment in refining. Nobody would want to refine crude oil where the final product is sold below the cost or market price. The few privately owned refineries only refine diesel. The diesel price is cost reflective. Licenses to build refineries have been dished out since 1999 if I'm correct. Dangote said that if the Jonathan petrol price increase had sailed through, he would have started constructing his refinery then. 1 Like |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by gigfx: 8:45am On Jun 11 |
The same mistake made by removing subsidy instead to tackle the corruption in that sector, will also be made in this ongoing minimum wage palava, you cannot make people poor and be expecting prosperity for your country. For those hailing them because you are getting small fries from the politicians, wait small hand go soon touch Una too. When the poor don't have anything to eat again then they will know where to turn. 1 Like |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by travelzcruix: 8:46am On Jun 11 |
I have worked in an anti smuggling outfit before and what you should know is that these smugglers fulfill a particular demand. If removing subsidy was to strangle their activities, the FG just shot itself on the foot. If they like, raise the price to 25,000 naira per litre the smugglers will find a market for 50,200 naira. If the FG is serious on curbing their trade, Cross border trade should be restructured and let licensed players flood the market until then good luck fighting the cabal. De ja vu |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by BeautifulSmiles: 8:56am On Jun 11 |
OmotolaDeniro: Learn to take accountability for your actions, it's people like you that will be blaming your husband for decisions you took yourself. Nigerian President took those economic decisions, blame him and leave escueses alone. That's diversionary tactics only used by small minds. |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by Kukutente23: 9:24am On Jun 11 |
Dannyset:Can you show pictures of people protesting in Niger over Nigeria's fuel subsidy removal |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by Pascal9: 9:26am On Jun 11 |
VeeVeeMyLuv:are you wise at all |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by Kukutente23: 9:37am On Jun 11 |
Johnthesuccess:You that understand Can you tell us why fuel is still being smuggled when govt said no more subsidy? 1 Like |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by moyin2009: 9:37am On Jun 11 |
No cause for Alarm now, since you said you don remove subsidy, the importer paid dues, it is left for who and where he sell it now. |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by professorPABX: 9:38am On Jun 11 |
BeautifulSmiles: What are you blaming the President for? Are you blaming him that PMS is about $0.42 per litre in Nigeria at the exchange rate of =N=1,500 to $1 while the same PMS is sold between $1.1 to $1.3 per litre in neighbouring countries and some of the neighbouring countries have crude oil and about two or three have Refineries. If the exchange rate had been =N=700 to $1 with foreign loans to be paid by Nigeria and subsidy makes the price of petrol in Nigeria $0.1 or $0.2 per litre when compared with $1.2 per litre in neighbouring countries will there be any need for about 60% of the population of the neighbouring countries not to buy smuggled fuel from Nigeria? The fact is that there are many parasitic nations feeding on Nigeria. They are being aided and abetted by their brothers and accomplices in Nigeria. I don't want go into technalities . This is technical and political 1 Like 1 Share |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by Kukutente23: 9:38am On Jun 11 |
Customs head coming out to announce smuggling at our borders is like a police coming to announce robbery or a doctor coming to announce deaths. He should be fired |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by benjaminlawson(m): 9:49am On Jun 11 |
This is an admittance of inability to protect our territorial integrity by our security forces. What is essence of all our security forces if they cannot check smuggling of our economic resources, then there is no need to continue paying custom, immigration officers, the police and the DSS and others. 1 Like 1 Share |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by just2endowed: 10:49am On Jun 11 |
SalamRushdie: corruption is the problem 2 Likes 1 Share |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by Yusman316(m): 10:56am On Jun 11 |
Inosky:Let's be honest non of our current crop of leaders has what it takes to govern this country appropriately, without fear or favor 2 Likes |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by Emu4life(m): 11:02am On Jun 11 |
sulaak: Is Tinubu still paying Subsidy or not? Is any Nigerian Refinery currently working? Apparently, he is not different from past Meatheads. |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by Emu4life(m): 11:03am On Jun 11 |
Dannyset:Doesn't negate what I said. |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by Dannyset(m): 11:10am On Jun 11 |
Kukutente23: Who are you? |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by VeeVeeMyLuv(m): 12:21pm On Jun 11 |
benjaminlawson:Apparently the officers monthly salary is barely enough to even feed, so they resorted to compromising their position and duties in exchange for percuniary gains |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by morgstreme: 12:56pm On Jun 11 |
100millionGoal: Kid .. Your statement of defense gives you away.. Getting agitated is evidence to your inner moral hypocrisy.. You are no different.. |
Re: Smuggled Nigerian Petrol Floods West African Markets, Sells At ₦1,700/litre by gideonvalor98(m): 1:28pm On Jun 11 |
VeeVeeMyLuv: Some if you ate just stupid and foolish that it clearly reflect in stuff you put out. Is it just happening that petrol is being smuggled out of the country? Even when it was sold under buhari at #200 and more, it was massively smuggled out. Under PDP the record was unbelievably high. But because you just wanted to disgrace yourself. |
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