Thursday, July 20, 2023
First Batch Of Independent Imported Fuel Arrives Nigeria
First batch of 27 million litres of petrol imported by an independent marketer has arrived in the country, putting an end to a downstream monopoly market once enjoyed by the Nigerian National Petroleum Company Limited. The vessel, ST Nnene, earlier billed to arrive since last week, but was held down off Lome waters due to adverse weather, arrived at Ijegun-Egba on Wednesday.
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Does this mean the price of fuel will drop? Someone explain to me like a one year old pls.
ReplyDeleteThe price of crude is set internationally, everyday. It has not dropped. This price affects every single human being in every single country as prices of refined products like PMS will also automatically change with the price of crude. With logistics of transportation, storage, maintainance etc, wholesalers eg depot owners, shippers, and retailers eg fuel station owners have to cover their costs and make profit from each batch that they source, refine, store, transport or dispense.
DeleteThe government impoverished itself over the decades by continuing to borrow to pay these costs and the subsidy was automatically taken advantage of, which explains why there has only been hoarding and no actual scarcity despite national up demand being halved.
Nigeria was exporting a raw material to import a more expensive finished product and instead of privatizing the refineries, it continued to waste money on corrupt contracts to repair.
Mr President, please sell the refineries and let private hands with profit as their drive buy them. We will gain in taxes, increase employment, close our supply chain, become exporters of refined products and end the Monopoly with Dangote' sole plant which was built with government money despite being a limited liability company: a clear case of legal corruption.
Education is not just by certificate. It's really about being able make sense of these basic things.
Now, the pump price of fuel I believe should come down. Sometimes, one would want to think the recent hike in price of fuel is political.
ReplyDeleteThis is good. Waiting to see the positive effect of this initiative.
ReplyDeleteAvailability or supply was never the issue. The issue is price. Even if it's a billion gorodom of fuel, how much will he sell it? Exchange rate has been high since forever so they still won't play Santa Claus with it. The most important thing is for any intelligent president or government to fix the nation's refineries as a matter of urgency. I hear 5 banks bankrolled this deal at about $17million and they want dollar rate to stabilise? Binatone stabilizer ni😒
ReplyDelete@ Binatone stabilizer 😀😄😅
DeleteGovernment has no business doing business. We should have learned that from NIPOST, NITEL, MTEL, Nigeria Airways, the rail ways, public schools, etc etc.
DeleteNo business person will leave his money making machine moribund for decades. , Losing billions every month.
Government should SELL the refineries to people who are ready to make money. That will at least take 50 naira off the current price since a million refineries do not bring down the price of crude which is the raw material.
They said it's the first batch. Does it mean more batches are coming?
ReplyDeleteHmmmmm. Can't talk. Groaning in pain.
ReplyDeleteHmm OK. It still won't reduce the price
ReplyDeleteWe are here, waiting
ReplyDelete