MA

FGN have chosen a non-intervention approach, allowing Dangote to gradually clear higher-cost inventory rather than forcing immediate price transmission from lower crude prices. The trade-off is that consumers wait longer for lower PMS prices, while the government avoids reintroducing explicit or implicit subsidies.

@ennyola0015 Importers should band together and build their own Refinery. We don't want imports of fuel for same reasons the USA only allows Tesla to sell electric vehicles in America. If you want to compete, BUILD YOUR OWN REFINERY. IMPORTATION IS NOT COMPETITION

Dangote is benefiting from inventory lag to keep PMS gantry prices relatively high despite the fall in global crude prices. He can afford to do so because no real competition . In theory, more imports could force prices down, but that solution creates another problem for Nigeria: increased demand for FX. 😭 So the country is caught between wanting lower fuel prices and wanting to reduce pressure on the naira.🙆

@toka_alashela @MasterBolaji Let the importers put money together, build a Refinery, employ Nigerians, pay taxes, and FIGHT DANGOTE. IMPORTATION IS NOT COMPETITION. LET LOCAL REFINERS FIGHT THEMSELVES. IF YOU HAVE MONEY TO IMPORT THEN YOU HAVE MONEY TO BUILD A REFINERY.

@ProjectFalconi @MasterBolaji My brother Atiku and co has privatised everything, yet our refineries are not working. Things are deeper than the headlines we read.

BREAKING: The Federal Government has given more companies permission to import petrol into Nigeria. This means Dangote Refinery will no longer be the only major supplier. Consumers win again! Thank you FG.

Hmmm...yet Dangote has reduced his gantry price twice in the space of 9 days. June 16 - ₦1,250 to ₦1,175 (₦75🔻) June 25 - ₦1,175 to ₦1,125 (₦50🔻) Pump Prices in Lagos as @ Today 🟢 Northwest - ₦1,285 🟠 Conoil - ₦1,275 🟢 NNPC - ₦1,245 🔵 Mobil - ₦1,220 🟡 Heyden - ₦1,210 🟢 NIPCO - ₦1,205 🟢 AP/Ardova - ₦1,205 🔴 MRS - ₦1,202 Avg. ₦ Prices in Europe 🇳🇱 Netherlands - ~₦3,520 🇫🇷 France - ~₦2,760 🇮🇹 Italy - ~₦2,520 🇩🇪 Germany - ~₦2,490 🇬🇧 UK - ~₦2,450 🇪🇸 Spain - ~₦2,150 Avg. ₦ Prices in North America 🇨🇦 Canada - ~₦1,900 🇲🇽 Mexico - ~₦1,880 🇺🇸 USA - ~₦1,630 Avg ₦ Prices in South America 🇦🇷 Argentina - ~₦2,000 🇧🇷 Brazil - ~₦1,800 🇨🇴 Colombia - ~₦1,590 Avg ₦ Prices in Asia 🇯🇵 Japan - ~₦2,200 🇰🇷 South Korea - ~₦2,100 🇹🇭 Thailand - ~₦1,800 🇨🇳 China - ~₦1,650 🇮🇳 India - ~₦1,450 Avg ₦ Prices in West Africa 🇸🇱 Sierra Leone - ~₦2,418 🇨🇻 Cape Verde - ~₦2,327 🇸🇳 Senegal - ~₦2,214 🇨🇮 Ivory Coast - ~₦2,105 🇲🇱 Mali - ~₦2,105 🇧🇫 Burkina Faso - ~₦2,045 🇬🇭 Ghana - ~₦1,960 🇬🇳 Guinea - ~₦1,859 🇧🇯 Benin - ~₦1,745 🇹🇬 Togo - ~₦1,745 🇱🇷 Liberia - ~₦1,560 It always goes up fast and goes down slowly. That's the oil industry for you!

State Police: "Governors will destroy State Police like they did to Local Government if the funds meant for state police didn't not go directly to the state police commission.” — Abaribe warns the Senate. Thoughts?

Just reduce fuel price Bikonu, take fuel to 500-600naira .. leave minimum wage alone ..

If minimum wage is increased to N500,000 a month, and the price of a bottle of Coca-Cola rises to N25,000, you are simply trying to use a raffia basket to carry water Increasing the minimum wage without an increase in productivity is fake life

Why is everyone shying away from the truth? The FG borrowed & spent $1.5 billion revamping two refineries (Port Harcourt & Warri) with a total allocation of $2.96 billion. $1.5 billion on port harcourt, $897m on Warri. That’s over 4 trillion naira. Warri & Port Harcourt refineries are not working, like NONE is functioning!

@OpeBee Una no get shame. Pressure the FG to fix or sell the Refineries. Pressure the FG to help faststrack BUA Refinery. Let importers build Refinery and Refine locally. NNPC nko? Importation is not competition. Na only Ashawo dey open legs waaaaaaa to everything

@AEmmanuel88945 @MasterBolaji Have you not heard about modular refineries? Smaller refinery dey na. So yes, if Dangote can build, let importers put money together and build too.

@ProjectFalconi @MasterBolaji Make importers put money together to build refinery as per na beer parlour dem wan build abi ? Una go just deyy talk anything wey enter mind without thinking twice.

@Osi_Suave The oil marketers too have themselves to blame. Why can’t they invest in home grown solutions instead of importing?

Nobody is asking why NNPC is not selling fuel at N500 or less when it was them that misappropriated billions of Naira earmarked for the revitalization of state owned refineries. I have no doubt that having 3 working state owned refineries would push any player in the market to adjust their pricing accordingly to compete. So if there is any party that is ripping Nigerians off then it’s the FG through NNPCL. But trust Nigerians to always channel their anger towards anyone but the incompetent, wicked, heartless, and unpatriotic government they elected to manage their resources.

@DanKatsina50 Who stopped you from competing? Who is stopping NNPC?

I just laugh when people say Dangote will save Nigeria from the fuel crisis. The man is a capitalist, not a saint. If care isn't taken, he'll become a monopolist in the petroleum sector just like he is in cement. One person having that much control is never good for consumers. Competition is what keeps prices fair and businesses accountable, not putting all our hopes in one billionaire

@Mr_Emmcap__ How about NNPC Refineries? You can't hold your government responsible but you want to hold Alhaji?

Maybe believing Dangote refinery is here to save us all is our greatest mistake.

@sadiqGsadiq Wrong question. Ask your FG and NNPC why they sell for that amount. Dangote is a private business man

I know our government is heartless, and I never expected them to slash fuel prices even after the war. My genuine question is, why’s Dangote still selling fuel for 1k plus per litre? Not like i trust a monopolist, but isn’t he supposed to be somehow better than them?

*buck

@TheoAbuAgada No na. Chairman, Open your Refinery na. Abi you no guide?

We need more import licences to be issued on PMS. I am tired of buying fuel at ₦1,300 per litre. I didn’t come to Abuja to work for one man.

Those critiquing Dangote for not immediately reducing the price of PMS because crude prices have fallen have no idea how the oil market works.

The oil market is complex. Prices will certainly come down. Everywhere in the world, it is the same. Prices rise like a rocket and fall like a feather! We should continue to appreciate Dangote for his role in bringing order and relief to the oil market in Naija!

@olaoluwajedalo Aliko that has built sugar, cement, and oil plant is not industrializing Nigeria? What has your father built? What have you built? What have I built? What has my father built? What has the FG and 36 states built? The highest tax payer in 9ja. Bro abeg guide.