Kingrefreshed:


Its clear now,you have not been reading our conversation.

Youre head and mind has already been programmed on how much you will make with Crisis.

Unfortunately, truly unfortunately....things dont work that way.

I ain't making much with this crisis mind you, my income has even fallen self.

Sorry to dissapoint you.

When you are a businessman, you will understand me well well....

They will run through ideas like that, since they heard increasement on petrol. All their focus will turn to petrol now.

kikero:


1.Thanks for calling me daft. I do appreciate that

2.Niger and Benin do produce oil. Cameroon too used to be a OPEC member even...

3.OK Saudi. Saudi produces 11million barrels of crude per day. They also have less than 15 million people. Nigeria on the other hand has 200 million people and 2.4 million barrels. The amount of income available to Saudi is far more than what is avaialble to Nigeria from oil...so they can afford to keep fuel at N85 PER LITER over there (yes, I checked)..and pay for all them beautiful things, and have a reserve of $500 billion or more self.(at one point in 2013 it was $750 billion)

See the difference.?

We are talking about prices. So, whose fault if Nigeria produces less? And you are comparing to Niger that produces 13,000? You don't do compare in such way.

oz4real83:
a barrel is approximately 159L. There was a time this year a barrel of oil was sold for less than $30 and $30 translate to N11,700 suppose we use a rate of N390/$. Dividing N11700 by 159L yields N73,58k. Suppose there are additional costs which adds N10 to a litre, won't that yield N83:58k? Our products are over priced.

You left out the refining costs ie the cost of turning that barrel into PMS , the cost to ship it from foreign refienry to Nigeria, and the cost to transport it within Nigeria

Add that up, and fuel ,,ie petrol would cost more than N83.58.

A barrel of oil can be refined into many products from Petrol to engine oil to gas, and so on.

You are assuming oil companies drill out petrol from the ground. It is crude oil (which if we put it in your car engine would totally wreck it. It has to be refined to petrol before it can enter your car!)

oldtruth:


We are talking about prices. So, whose fault if Nigeria produces less? And you are comparing to Niger that produces 13,000? You don't do compare in such way.

And why are you comparing Nigeria to Saudi Arabia who produces far more oil than we do, for a population that is far less than ours? Which means they can earn a much higher income than we can ever dream of.?

If we tried to keep fuel as low as Saudi does, we would be in debt so severe that we would be auctioning off the country to even poorer countries than us. Lock stock and barrel.

We are not a rich nation, which is why we must deregulate and diversify.

kikero:


1.The subsidy is still there...and it is the reason why we are not selling fuel as high as N300 and above.(Benin, Niger and Cameroon sell above n300)

2.Selling fuel at N70 means an incease in subsidy cost...which means more trillions of naira that we don't have goes down the hole...which means more loans.

3.It is when the subsidy is not enough to keep prices at N123 that government increases prices...to a point where it can afford to pay the amount of subsidy that would keep that price low.

4.Truthfully...deregulation is the answer...it meanshigh fuel prices in the meantime...as high as N300...but more investment, more profit for NNPC to build new refinereis, and expand and upgrade exsiting stock, and more jobs..and more investors coming in to build new refinereis.(not just Dangote)...and eventually....low fuel prices as low as N60.

5.iIn Venezuela, fuel is sold at N40. As a result, their fuel industry is broke. Completely broke. No money to fix refienreis, no money to improve stock...and now they have to import fuel. Same thing in Nigeria...and it took us decades to get there...in both countries.

Relax and spew rubbish. Nonsense, with time everyone's eyes will clear. Even Buhari's son will feel the heat

mandalorian:


Relax and spew rubbish. Nonsense, with time everyone's eyes will clear. Even Buhari's will feel the heat

Thank you and good morning, and do have a good day.

kikero:


No, it isn't overpriced. Infact, we pay the lowest price for fuel in the whole West African subregion....all our neighbours pay at least N300 per liter of fuel...including countries like Niger where fuel costs N350 per liter.

Infact, it is the subsidy that government is paying that keeps fuel prices at N123.5 for now.

And government want's to hands off oil because over the last 15 years we have paid subsides for fuel to the tune of N15 trillion naira. That's money that could have gone for educaiton, health, etc. And because oil prices are too low for us to keep on paying subsides effectively. We need oil as high as $139 per barrel as our breakeven oil price. It has never been that high for some time.

No west African country produce like we do. So that's expected, Sudan and Angola fuel prices r way cheaper than ours

kikero:


And why are you comparing Nigeria to Saudi Arabia who produces far more oil than we do, for a population that is far less than ours? Which means they can earn a much higher income than we can ever dream of.?

If we tried to keep fuel as low as Saudi does, we would be in debt so severe that we would be auctioning off the country to even poorer countries than us. Lock stock and barrel.

We are not a rich nation, which is why we must deregulate and diversify.

You push the first trigger. You were comparing Nigeria to Niger? That is too far. Nigeria is among the top 15 globally in production.

You campare among the top shot

kikero:


You left out the refining costs ie the cost of turning that barrel into PMS , the cost to ship it from foreign refienry to Nigeria, and the cost to transport it within Nigeria

Add that up, and fuel ,,ie petrol would cost more than N83.58.

A barrel of oil can be refined into many products from Petrol to engine oil to gas, and so on.

You are assuming oil companies drill out petrol from the ground. It is crude oil (which if we put it in your car engine would totally wreck it. It has to be refined to petrol before it can enter your car!)

how much does it take to build a refinery? If are too poor to build a new refinery, how much does it take to repair 4 already built refineries? You said Nigeria has spent over N15tr on subsidies since 1999, is that not enough to build new refineries or even repair the old ones? The Nigerian authorities know the fraud they are enjoying in it. Also, there are other products in a barrel crude oil. These products will take care of other costs that u mentioned. I only based my analysis on one of the bye-producrs of a barrel of crude oil, which is petrol.

Our economic analysis is bad....oil appreciates in international trade the citizen is not benefiting...
Reason because government is ready to sell oil to other countries and import everything refined from same oil back to the country thereby claiming subsidy like its our fault....they are the ones that invested in other refineries oversee so they ensure oil must be refined there and brought back here at a huge cost....theives
Let each state refine their oil provided to them by federal government and see if the commodity will not be enough to the point we can start selling to our neighbours...even now self the refined oil never de enough for us still some greedy individual are head bent taking it to neighbouring countries to make huge profit.
This country tire me.

There is no subsidy at the moment following the crash of global oil prices. The govt seized the opportunity to stop subsidy of the products which is why Nigerians should be ready to pay higher or lower prices based on market fluctuations, going forward.

kikero:


I ain't making much with this crisis mind you, my income has even fallen self.

Sorry to dissapoint you.

When you are a businessman, you will understand me well well....

You did not disappoint me my dear. I am doing very well in my own area of specialization. I am doing great. Infact God has been good to me.

And i dont mean to burst your bubble. I have been into business since 17 years of age till right now.

LOLx

In that case, make I rush go buy some fuel now now...

I dey come.

There is no subsidy at the moment following the crash of global oil prices. The govt seized the opportunity to stop subsidy of the products which is why Nigerians should be ready to pay higher or lower prices based on market fluctuations, going forward.

miketayo:


No west African country produce like we do. So that's expected, Sudan and Angola fuel prices r way cheaper than ours

1.Angola has a population of 33 million people.They also produce 1.4 million barrels of crude per day. Per capita, they have an income higher than we do, so they can afford to subsidse fuel TO N108.00 per liter.

2.Nigeria has a population of 200 million people. Nigeria produces 2.3 million barrels of crude per day. Per capita, our income is lower than Angola. Hence, subsides can keep fuel at N123.5 per liter.

3.Sudan has a population of 42 million people. They produce 215,000 barrels of crude per day. And a liter of fuel cost N585 over there.

See the issue clearly now. If you don't...sorry.

oz4real83:
how much does it take to build a refinery? If are too poor to build a new refinery, how much does it take to repair 4 already built refineries? You said Nigeria has spent over N15tr on subsidies since 1999, is that not enough to build new refineries or even repair the old ones? The Nigerian authorities know the fraud they are enjoying in it. Also, there are other products in a barrel crude oil. These products will take care of other costs that u mentioned. I only based my analysis on one of the bye-producrs of a barrel of crude oil, which is petrol.

It costs anywwhere between $1-11 bilion dollars to build a refienry. Dangote refinery costs at least $9 billion dollars.

Our budget for comparison this year was $26 billion. 4 new refinereis cost $36 billion.

And the reason why we can't build new refienreis is that it means removing subsides. and that means prices icnreases...which would provide the funding for new refineries...but people in the short term would have to pay higher for fuel...which is why we prefer to spend N15 TRILLION on subsides rather than on building new refienreies.

oldtruth:


You push the first trigger. You were comparing Nigeria to Niger? That is too far. Nigeria is among the top 15 globally in production.

You campare among the top shot

Our population is also much higher than all the top shots , except the USA.

That's why we don't have enough money to keep prices low. TOO MANY PEOPLE.

(And the USA has a diversifed and inudstrial economy so they don't count)

Sadistic govt of ireedeemable kleptos!

kikero:


If they weren't, why are they still controlling prices.??

So long as the government is still setting prices, there IS a subsidy, and if you believed Bubu when he said subsidy was gone, you obviously don't understand how subsides work.

Hint...underecovery.

Lol. I've heard you.

kikero:


Our population is also much higher than all the top shots , except the USA.

That's why we don't have enough money to keep prices low. TOO MANY PEOPLE.

(And the USA has a diversifed and inudstrial economy so they don't count)

I should have allowed you to keep wallowing in your folly with all your ridiculous blunders but let me drop this for you.

If Nigeria still has people like you, it will be difficult for the country to grow. Maybe it's lack of exposure or education but whatever it is, the country needs less people like you.

Thank you

SocialJustice:
Lol. I've heard you.

Lol I see...

kikero:


It costs anywwhere between $1-11 bilion dollars to build a refienry. Dangote refinery costs at least $9 billion dollars.

Our budget for comparison this year was $26 billion. 4 new refinereis cost $36 billion.

And the reason why we can't build new refienreis is that it means removing subsides. and that means prices icnreases...which would provide the funding for new refineries...but people in the short term would have to pay higher for fuel...which is why we prefer to spend N15 TRILLION on subsides rather than on building new refienreies.

there are refineries that cost $1b, $2b or $3b. If Nigeria could build FOUR in the past, what makes u think we can't build another one now? What are they using Abacus recovered loots for? For school feeding programmes for pupils already at home? . While some were alleged shared to "poor" families that are untraceable. We are living in country where her leaders delight in defrauding their people.

kikero:


1.Fuel was selling for N97 in 2014. The reduction to N87 took place in 2015.

2.Even at that, government was finding it difficult to pay subsidy claims by marketers...so there was repeated fuel scarcity, repeated smuggling across the border, and false claims for subsidy (It took until 2018 before the government was able to pay outstanding debts.)

3.Because government was earning higher income from dollar in 2014....they were able to pay for subsides to keep fuel at N97 and then N87 in Jan 2015. Unfortunately , this was done at the expense of our foreign reserves, among other things...because oil at $93 was not enough to keep prices low.

4.Buhari came in, oil prices fell to as low as $29 at one point...which was when he increased fuel to N145. ..BECAUSE....1) Low oil prices meant not enough cash to pay for fuel subsides to keep prices at N87. However the cash could keep fuel subsdised at N145...so he raised the price accordingly (Fuel in many of our neigh bours was costing N200 and above then.).

5.Back to GEJ's regime. Because subsides were making it difficult for marketers, particulary independent marketers to make a profit. ..many of them sold fuel above the offical price as early as 2014. (In some areas, fuel was as high as N150-210 then). Only in the big coties of Lag and Abuja was fuel sold at offical prices.

6.Bubu then, to reduce costs, stopped marketers from importing fuel, made NNPC the sole importer of fuel....and paid them subsidy costs, and forced NNPC to sell fuel at prices below the cost of import, with the subsidy payment covering the difference , to marketers. This ended fuel queues from 2017, but in priactice, it is just lipstick on a wild boar. The industry is still not making enough money, jobs are stagnant, and falling oil prices are always putting the arrangement at risk.


We should have let GEJ remove subsidy in 2012. I thought he did the right thing by raising fuel to N140 PER LITER FROM N65 then. But many Nigerians don't think long term.

Deregulation is the only solution.

How will they think wen buhari n his power driven mofos were instigating Nigerians against d govt. 87N per litre is abnormal dats wat a dedemonstrator wrote on his placard.I hope e dey alright for were e dey now

Unserious people.
From $60 to $20.
You reduced fuel by only N20 and you now want to reverse if again. lol.

oldtruth:


I should have allowed you to keep wallowing in your folly with all your ridiculous blunders but let me drop this for you.

If Nigeria still has people like you, it will be difficult for the country to grow. Maybe it's lack of exposure or education but whatever it is, the country needs less people like you.

Thank you

Well, if we deregulated in 2012...by now we would have had more refienreis, more jobs, and more prosperity.And by now , after a preiod of high prcies, low prices.

The problem with subsides is that it means that government controls prices, which reduces the amount of profits any one can make...

That's why we can't have new refienreies, why NNPC refienreis are so broken down, why it is Dangote that is the only one building a refienry because he has the cash to do it, not because he is some oil man, and why we even flare tons of gas.

In 2001, we brought in GSM. Prices for SIM cards were as high as N10000 or more. Service was poor. People were asking government to force GSM companies to reduce prices. Government refused.

By 2005...the services had improved, SIM cards were costing N1000 or less, and we had more investment. By 2013, we had gone up from 2 SIM prividers to 4, and had even had more additonal providers for internet services. Internet penetrance had improved from near zero in 1997 to 47% today.And we also generated lots of jobs...jobs directly and indriectly.

All because rule no one of economics was observed. Don't control prices.

And it is because over the decades that government has been controlling prices in the fuel sector so that everyone can be happy that we keep on having issues with corruption and bad equipment, and financing. And so on.

And it is because people like you want awoof that you can't see the potential benefits, and isntead call people like me 'detrimental to the country'. Well, we don';t have the cash to run awoff anymore. Oil prices are low. Too low. Either we deregulate, or we keep on taking loans and loans and loans.

Good morning .

Fragility6:

How will they think wen buhari n his power driven mofos were instigating Nigerians against d govt. 87N per litre is abnormal dats wat a dedemonstrator wrote on his placard.I hope e dey alright for were e dey now

Bubu wanted to get into power then...so he had to be seen agitatiing against deregulation. (Yes, politicans do what they need to do to get elected and to stay eelcted, even at the expense of the economy).

Now he is in power...he has seen the reality. Still....

oz4real83:
there are refineries that cost $1b, $2b or $3b. If Nigeria could build FOUR in the past, what makes u think we can't build another one now? What are they using Abacus recovered loots for? For school feeding programmes for pupils already at home? . While some were alleged shared to "poor" families that are untraceable. We are living in country where her leaders delight in defrauding their people.

1.Refienry one was built under the colonialists, as was refinery 2.

2.Refieneries 3 and 4 (New Port Harcourt plus Kaduna) were started under the oil boom days of the 1970's...when we had the megacash.

3.Also when we started building the refieneries, oil was just one of several things we produced. Oil did not become our sole soruce of income until the Sahgari era.(1982-3).We had the money then.

4.Abacha's loot. The one they shared was $500million. A lot, but in reality not enough. Abacha looted an estimated $4 billion.(and the governments past and present haven't gotten all of it. Bubu got $500million for now)

the devil's gift

partnerinbiz4:
slay queens won't be found here oo

Wetin concern them? Do the thinking jor, and bring money for pussy, guy. But not all sha.