The price of Cement initially was from 4k to 8k..11k earlier this year but they brought it back to 8k,we Nigerians are okay with 8k cos we felt we aren't building but when the landlady & landlord are increasing their rentage out we complained and now 10k a bag of Cement yet we still fold our hands?why is it difficult to call a spade a spade by telling them to bring it to normal price 4k?
@@OlawaleIdrisJunaid You need to understand what cost elements make up the total cost of producing cement - Raw materials, Labour, Energy, transportation, taxes, etc. A lot of these costs have increased so you have to expect an increase in the cost of one bag of cement. It is painful but that is the reality of our situation right now!
Mr President I don't think that is a significant change, God gave Nigerians crude oil for free of charge.. we need to know how much they are giving Dangote crude for..we still need to bring the price down to ease the poverty in Nigeria.
Nigeria is only a country that the price of a thing would increase by 200% in a Month and after alot of talks would be reduces only 0.5 % in a year and the leaders of that country felt that they have done their people a favour
That is not what Nigerian are expecting from Dangote refinery. Whatever Dangote company join in production is always higher in price than it was before.
Price should actually be NGN850 per litre ex refinery. Factors that contributed to the drop are the drop in the NYMEX cost and improvement in the Naira to USD rate.
If crude oil is sold in Naira then the dollar shouldn’t be a major factor in determining the price! Rather the price should affect the dollar to Naira rate
@ You need to understand the Naira for crude deal. The crude oil is sold to local refineries at the international price but they are allowed to pay in the Naira equivalent. This means if oil is $80 per barrel and the exchange rate is USD1:00 to NGN1500, the refineries will pay NNPCL $80 x 1500 =NGN120,000.00 per barrel. The advantage of this option is that the refinery doesn’t have to open an LC in Dollars to pay for the Crude oil. Refineries buy crude in Naira and sell products in Naira - Eliminating transaction costs related to converting money to dollars.
Exactly my point! The question is do you think the crude for Naira deal does not have a bearing on the improvement on the exchange rate between NGN and USSD? Eliminating the transaction cost and reducing the burden of sourcing dollars there by reducing over all cost of production, even if it is a negligible fraction it can compound to a significant amount hence the impact on the price!
@@philemonakume1574 Naira is improving due to a combination of the following factors: CBN’s introduction of EFEMS. This brings transparency to the demand and supply equation for forex transactions. Increase in diaspora remittances Reduction in fuel imports and increase in local refining. Improvement in crude oil production Stability of the oil price @ $60 - $70.
The price of Cement initially was from 4k to 8k..11k earlier this year but they brought it back to 8k,we Nigerians are okay with 8k cos we felt we aren't building but when the landlady & landlord are increasing their rentage out we complained and now 10k a bag of Cement yet we still fold our hands?why is it difficult to call a spade a spade by telling them to bring it to normal price 4k?
@@OlawaleIdrisJunaid You need to understand what cost elements make up the total cost of producing cement - Raw materials, Labour, Energy, transportation, taxes, etc. A lot of these costs have increased so you have to expect an increase in the cost of one bag of cement. It is painful but that is the reality of our situation right now!
Very proud of you sir, I wish you more years ahead
Mr President I don't think that is a significant change, God gave Nigerians crude oil for free of charge.. we need to know how much they are giving Dangote crude for..we still need to bring the price down to ease the poverty in Nigeria.
From N1300.00 to N500 will be referred to as crashing, please stop gaslighting Nigerians because of N5.
God bless you
The price will eventually come down to 600naira per liter. Its a gradual phenomenon, we are dealing with oil mafias here.
Dey play! See the way they are toying with your brain
₦899.50 (₦900) reduction indeed!
@@jay51200 They will wait till election time when they will bribe Nigerians with a lower price may be 895 and then brag about it so you can vote them.
Well done dangote. Let us keep it going
Nigeria is only a country that the price of a thing would increase by 200% in a Month and after alot of talks would be reduces only 0.5 % in a year and the leaders of that country felt that they have done their people a favour
@@OlawaleIdrisJunaid Exactly, Nigerians are extremely gullible and our slave masters know it.
That is not what Nigerian are expecting from Dangote refinery. Whatever Dangote company join in production is always higher in price than it was before.
Good mrg Arisetv what abt those that can't afford 2million lit and above
OYO.th3n they pay a bit higher...MOQ is 2M Litres ....
Kudos to Dangote. The marketers should adjust pump price immediately since if It is the way round, it will be adjusted in a jiffy.
This is great news
What is “significant” in the reduction in the petroleum price?
The word 'crashes' is too ambiguous please. Crash from what to what?
These guys don’t understand English very well! They bank on phonetics 😂
Don't mind them they think we are morons 😂😂😂
@@Loop_it Please ask them.
Price should actually be NGN850 per litre ex refinery. Factors that contributed to the drop are the drop in the NYMEX cost and improvement in the Naira to USD rate.
If crude oil is sold in Naira then the dollar shouldn’t be a major factor in determining the price! Rather the price should affect the dollar to Naira rate
@ You need to understand the Naira for crude deal. The crude oil is sold to local refineries at the international price but they are allowed to pay in the Naira equivalent. This means if oil is $80 per barrel and the exchange rate is USD1:00 to NGN1500, the refineries will pay NNPCL $80 x 1500 =NGN120,000.00 per barrel. The advantage of this option is that the refinery doesn’t have to open an LC in Dollars to pay for the Crude oil. Refineries buy crude in Naira and sell products in Naira - Eliminating transaction costs related to converting money to dollars.
Exactly my point! The question is do you think the crude for Naira deal does not have a bearing on the improvement on the exchange rate between NGN and USSD?
Eliminating the transaction cost and reducing the burden of sourcing dollars there by reducing over all cost of production, even if it is a negligible fraction it can compound to a significant amount hence the impact on the price!
@@philemonakume1574 Naira is improving due to a combination of the following factors:
CBN’s introduction of EFEMS. This brings transparency to the demand and supply equation for forex transactions.
Increase in diaspora remittances
Reduction in fuel imports and increase in local refining.
Improvement in crude oil production
Stability of the oil price @ $60 - $70.
Very nice step, but will never get to the consumers.
We don't talk about Cement, from 8k to 10k within a Month and to deduct the price from 1k petrol to 800 naira is very hard.
His is good
Why not selling same price to all independent marketers
No one talks about scarcity of PMS anymore. Kudos to President Tinubu for his decisiveness on fuel subsidy.
Well
It should be reduce to #75
Hopefully ₦5 will be deducted from retail prices for Nigerians to enjoy. The masses are going to enjoy the benefit indeed.. We wait!😂
is still expensive
Did you say N895 is a great development? You guys are just dribbling us because it costs us nothing to take hardship as a way of life.
This interview seems to be a waste of time.
I thought something meaningful was presented.
Christmas bonus
Yes crashed it to 1250 naira
Dangote wants to push NNPC out of the market just as he did with cement competitors
NNPC have refineries
Did he say "My makershaff", instead of marketers.