NNPC Cannot Blame Dangote for the Increase in PMS Price - Emmanuel, Oluwafemi, Sowunmi
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- Опубликовано: 11 янв 2025
- The moment for Dangote refinery is today, Nigeria's decade for backward integration through import substitution for refined crude oil. NNPC was landing dirty fuels at 70 cents per litre and Dangote is selling PMS today at 55 cents per litre, he is bending over backwards to save Nigeria at the nick of time
Kevin Emmanuel, Economist
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Mr. Emmanuel, the Economist should be protected at all cost...
He is a national treasure!!!
Protected by who and from whom?
At all cost...God bless Mr Emmanuel.
@@abrahameyo4093 pls be specific. Why should he be protected and from whom?
He knows the trade 👍
He’s speaking for Dangote and not for Nigerians, you should know that.
Mr. Kelvin Emmanuel is the only economist I have ever seen that is so exceptional and realist, his views are so real and not abstract. THIS MAN NEED PROTECTION, BCOS THEY'LL WANT TO COME AFTER HIM.
The moment I saw Emmanuel… I knew i will learn something tangible today … the guy is sound in this sector ..
Extremely sound
Mr Emmanuel is the only person on the panel that understand the sector
The guy dey vex 😅
This reporter should keep quiet and let Mr Emmanuel educate us😅...Mr Emmanuel was spitting bars and she interrupted with yeye question 😅
The man who knows his onions. The great Kelvin Emmanuel!
Where's he from? Is he an American? He's name doesn't sound Africa, why won't he answer He's father's name? That's why Africa especially Nigeria 🇳🇬 is still under Western morden slavery in 2024.
Interrupting a guest making a responsible point just to ask questions is very unnecessary,making clear points is better than asking many questions
Very sickening. Must she talk? Or of what benefit was her useless question to break the flow of someone so knowledgeable on the subject matter.
You know there problem? They are looking for someone who will only point all blame’s to Tinubu period! Emmanuel is exposing the reality.
Poor quality journalism
Very annoying! At least let him land! Why ask someone a question if you are going to cut him off mid sentence?
Because his answers are not fitting their narrative. You're insistent on asking someone for Naira price when they didn't sell in Naira. Do your own math naa? The market is still highly regulated, unlike diesel.
Exactly sir. It’s not rocket science. The Dangote statement was clear. I hope someone from Arise reads the comments and gets the message.
Kudos to you our brother Emmanuel Kelvin for your erudite analysis.
Emmanuel was giving you sector specific analysis. He said it in his opening statement but the panelists didn't catch it. The difference in cost from Dangote is due to the fact that the NNPCL was sloppy enough in their practises which caused Dangote to import the first set of loads (while the Nigerian supply angle was being sorted out) so because Dangote bought in dollars, his prices are based on dollars till he totally reverts to getting his supply from Nigeria (NNPC) in naira.
It's an arbitrage problem. And the NNPCL is being so shady here.
The fact that Tinubu has not fired Mele Kyari should spark a revolution. Mele is a criminal and he is engaging in treasonous affairs with IOCs.
He has refused to let Nigerian refineries work and he is refusing to allow Dangote permanently solve this problem once and for all .
Nigerians need to investigate and dissect the relationship between Tinubu - Mele Kyari - IOCs - and APC campaign funds.
I smell rotten fish.
I think Arise should dedicate a 2 hr slot to these 3 guests and the panelists to help us get in-depth analysis into this Cancer.
THANK YOU! The lady kept trying to interrupt him. It's obvious. I froze the screen and read Dangote's PR response and it confirms your explanation who anyone who could read in between the lines.
I trust all the shenanigans by Melle Kyari comes from the body language of the Minister of Petroleum and the head of state. If is otherwise Melle Kyari won't dare
We are also missing the point from Rufai here.. Emmanuel says Dangote sold at 55c as claimed by NNPCL which translates to 898.78 in naira but Dangote says he didn't sell to NNPCL at that price. Some figures say it was lower than N800 Which means NNPCL is quietly pocketing a marginal profit of over N100 per litre.
For 5 million liters loaded so far by NNPC that translates to 500,000,000 naira unaccounted for. Something is definitely fishy
Or my God! Thanks Mr Emmanuel for the hands on information. You jewel among Nigerian Economics
NNPC is the problem of Nigeria. The next protest should be about NNPC being scrapped
They only act according presidency/minister of finance instructions l.
The president is the Oga of NNPC so there you know the problem
And that must be done 😡
Kelvin likely got the $.55 from the NNPC template they posted after Dangote’ statement. Kelvin obviously cannot speak to the exchange rate the NNPC used to get to N898, his point was that it was sold in $ at $0.55/L
Mr. Emmanuel, the Economist should be protected at all cost...
He is a national treasure!!!
sharp man
I hope Dagote is paying Emmanuel well. He is representing very well
The gentleman in the navy blue suit possesses an exceptional memory.
He is a guru in this sector
EMMANUEL IS VERY SOUND....I MUST CONFESS...
Mr Emmanuel u have a point sir
This Kevin guy is nothing short of spectacular in his understanding and knowledge of the energy sector.
The guy is too good
Kudos to Mr Emmanuel
There is only one sensible analyst in the studio. Mr Emmanuel has proven that he understands the sector.
NNPCL has also proven to be a criminal organisation and I do not understand why we are still listening to this company.
Finally the issue is not actually the price of PMS. The issue is availability and the important fact that Nigerias GDP per capita is barely over $2,000 - that is why we cannot afford the petrol price!!!
It's criminal because the Cabal controls it. They will never be transparent with the pricing of crude and its attendant products in this nation. The rot in the oil sector and every other sector in the nation is sickening.😔🙏🏾
Just say you are a closed-minded individual. I too like Mr. Kelvin, but all three guests spoke well and reasonably. To say Mr. Kelvin is the only sensible analyst in the studio shows the level of your comprehension.
Perhaps. Maybe I should be more balanced
Mr Kelvin Emmanuel knows the oil and has sector like the back of his hands
In most countries that produce crude Oil, the country side aside certain percentage of crude for domestic use and consumption. Nigerian government unlike most Countries gets the crude for free. So why can't the government through its agency give dangote a centain discounted price of crude to cover some it's cost of refinering and in return get a discounted petrol price for the Nigerian domestic use. It should also be understood that Dangote is not a charity Organization , he is in business to make profits. Every major country, including oil producing countries, has various kinds of subsidies for their citizens. But in Nigeria, the politicians and top government officials give themselves subsidies and not to the Citizens.
Thank you my brother that's the meaning of naira to naira buy and sell is simple that's what the government is doing from October 1 but this Bastard people in nnpc and some of the contractors are just mischievous so the government need sack all the management in nnpc now
I think that is a good idea but it's not cheap to extract crude oil from the ground either
@@obateruitunu2651 it is cheap it is not an idea it what the government want to do naira to naira scince we have the crude in Nigeria extraction it's very cheap so please don't confuse us
🤣🤣🤣🤣🤣🤣🤣 "Nigerian government gets the crude for free" Nigerians are very passionate based off lack of basic information and knowledge.
@@yomiolaosebikan5402The Naira-denominated crude oil sale that the FG is proposing to Dangote Refinery does not mean that they will get the crude at a cheaper price from what is sold at the international market. Get that fact into your head. It simply reduces the pressure of sourcing Dollar by the firm to buy the commodity. And the bargain is that the company will in turn sell the refined petroleum to NNPCL in Naira, not at a discounted price. Any downward shift in price can only be achieved with an arrangement by the FG through NNPCL to supply crude oil to Dangote Refinery at a subsidised cost which will in turn lead to a reduction in the cost of the refined product when the behemoth offstaker and monopolist NNPCL have it back to supply to the local marketers and consumers. It is sheer wickedness for a country to deal with her citizens this way for a natural resource freely given to us by divine providence.
Rufai you are a darling. God will bless you for us. Double thumbs up for you by insisting on, how much is Dangote selling per litre to NNPC. You see the young man couldn't answer. This people are playing on the intelligence of Nigerians.
Mr Emmanuel is the only person making sense here
OLABODE IS TRYING TO GASLIGHT US WITH A VENEER OF SCIENTIFIC AND ENGINEERING EXPERTISE ALONG WITH SELECTIVE HISTORY 😅😅😅 . THANKFULLY EMMANUEL IS AROUND, MR EMMANUEL YOU EARNED MY RESPECT 🙏
Such a poor job too 😅
That means it's even more cheaper importing than buying from FG. If Dangote imported and paid all the expenses yet sold for that price while the local refined product is sold for this price, what it simply means is that, foreigners sold it cheaper to Dangote than the Federal Government
The man on white said he is a scientist and an Engineer , my question is what has he invent before ?
People around here just throw words around, lmao.
@@gbengaodugbemieveryone loves titles in Nigeria, doc, lawyer, pastor, economist. All of them have certificates but no brains, what has the Emmanuel done as an economist?
Mr. Sowunmi who seems to be talking for NNPC and said he is a scientist should please let us know what it costs to refine a barrel of crude in Dangote's refinery. As it stands today the cost of production can be calculated. Once the cost of production is known, appropriate prices can be determined.
The local consumption rate has drastically dropped and reduced as a result of the high cost of fuel in the market. It is so easy to calculate the figures and realise that fact from the volatility of domestic demands. Personally, I have curtailed my daily vehicular movement not because the itinerary is not very important but because my monthly budget for transportation has been grossly overstretched. Based on my salary which has not increased over a year and half now, from when petrol pump price was below ₦200/litre to the present time that it sells for ₦1300/litre. It is instructive to note that the National Minimum Wage and its consequential increase on salaries have not been paid to workers yet by the FG. I learnt that some States in the Federation have just commenced the adjusted payment to their workers. So, the new economic realities cannot sustain the old fuel consumption rate and demands for sure.
55 cent per litre for such high quality petrol is a very good price considering he bought the crude in dollars, here in Ireland, a litre of petrol is 1.80 Euros, do the maths, 55 cent × 1600 naira = 880 Naira per litre, today, NNPC has set the price of petrol in Lagos at 950 Naira per litre, so, Mr Kelvin is not far from the truth
@@emekaobi1193 but he is saying NNPC is blaming Dangote just because it stated the price it got it from Dangote
@@ejiroighorodje1891 Then, NNPC should tell us the amount they sold the crude to Dangote in dollars and the amount Dangote sold petrol to them and let's do the maths, since Dangote has stated they sold the petrol in dollars, people forget Dangote crashed the price of diesel by selling it to the marketers for 900 Naira per litre, despite producing the best quality diesel in the world and buying the crude in dollars, the point is NNPC has a lot of skeleton in its cupboard
@@ejiroighorodje1891 NNPC should come clean and say the amount they sold the crude to Dangote in dollars and the amount Dangote sold the petrol to them in dollars and let's do the maths, NNPC has a lot in their cupboard they're hiding from us, let's not forget Dangote crashed the price of diesel from 1,400 to 900 hundred naira per litre, despite them sourcing the crude in dollars and that didn't go down well with the marketers who have been importing low quality diesel into the country, we should support Dangote by all means because, the quality of products they produce is the best in the world, here in Ireland it's called SUPER UNLEADED PETROL/DIESEL, currently, it's 15 cents costlier than the normal petrol/diesel because it last longer.
@@emekaobi1193does it really make any sense for a country with a weak currency to sell its own resource inside and outside its country benchmarked against a foreign currency which is far, far stronger than its own currency? If we want to subscribe to that rationale we have to subsidise.
Rufai, 56 cent in naira depends on exchange. Nnpc uses N1,637. If it's lower say N1,500 to a dollar, dangote price will be N840.
Confusion is part of the pricing strategy
The entire board of NNPC Ltd and the Minister of Petroleum Resources need to resign or be sacked!
You mean jailed
You wan sack Tinubu?
These people all work together to lie and steal. Please, don't be deceived, they know what they are doing, and their enemy is we the Nigerian people. The country is lost! I honestly think it's beyond saving! It'll only get worse till we break down, maybe into a civil war when shit hits the fan.
This kelvin Emmanuel has said the truth the nnpc need washed they sack all the management of nnnpc we must regulate our energy locally by pricing it locally that the meaning of naira to naira but this yhey need to sack them thank you kelvin
There was no price agreement before loading 300 trucks. Ah!
NNPC should be scrapped offf totally, they have no stand anymore if they are unable to operate their refineries, simple. Let dangote do his business without instigation, sentiments of distractions😡😡
Kudos Mr Emmanuel!
VERY TRUE @ Mathew !
Mr Emmanuel is on fire 🔥
The people you’re asking the questions are not responsible for fixing the problem
Without prejudice, we are experiencing the jaga jaga nature of the Nigerian system
Oil and gas is a curse in Nigeria it leads to corruption, the funding of malicious terrorist and thugs by the corrupt politicians. It’s sad that Dangote refinery was meant to bring joy and happiness to Nigerians for cheaper petrol but rather a sad moment because of the corrupt politicians that only care about themselves and their cronies.
NNPC should be ashamed of itself.
Are there still staff of the four government owned refineries, if yes, what exactly are they been paid salaries for all these years of unproductivity?
If Dangote refining price according to Kevin is 55 cents per liter, then the price in Naira at N1,630 per dollar will be N896.50
$0.55c @ what rate? That is the big issue here . Why is everyone afraid to say how much the price is in naira? Something is going on here that they don't want the public to see
Because the naira is volatile...it can fall tomorrow while the dollar is more stable and is the benchmark for all other currencies.
At the end of all this, wahala it is Nigerians that are suffering most from this😢.
Mr. Olabode, we understand your empirical explanation about combustion, but the reason why people are saying NNPC's perception of the money located to them is that they have failed totally. The reason is that their papa no dey buy the fuel with this government official that receive all the free allowance in this world not respesenting thier people) if it is their personal business, can they allow it to spoil like that with all those billions given to them for a repair?
A whole giant of Africa by mouth can't be proud to show its own refinery like Dangote.
In this 2024 by now, Nigeria should have been a whole innovative area of leading all african countries. but no, the resources that we have we tie it to another man currency causing folishing to the geniue people of the land.
Can't this government learn from saudi Arabian or China?
Is it the 20 billion dollar that a whole Nigeria doesnt have to build another one like that?.
For example If una car no dey work, that you give mechanic that is lying to you all this while won't you change to give it to better mechanic that is trustworthy and professsional.
Government property some people tend to take advantage of it anyhow but they doesn't realise it the citizen hard earn money, blood and sweat call tax in every aspect of our lifes to get those resources ready.
It only a dictatorship that will say i built it but a true leader will bring all his people along and say we build this.
55 cents is 55 cents not 895 naira! Someone has to swap it before it can become 895 naira.
Dangote sold in USD so they did not sell at 898 naira. They sold at 55 cents. The fact that 55cents at our current FX rate is 898 naira does not mean that DRL sold at 895 naira.
That's why Kevin ignored Rufai after a while because Rufai knows the answer to the question. The issue in calculating the cost of PMS is unpredictable because it largely stems from a weak fluctuating naira against a steady crude oil dollar price. Also the cost relies on other FX factors including the capital investment most of which were likely procured in FX. The real problem is the naira is not steady but Rufai is requesting a certain answer from a moving target - that he knows is a moving target (naira vs USD).
Mr Emmanuel 🙌
Clearly, something is amiss somewhere. Rufai questioned if the subsidy was still being paid, but none of the panellists responded.
U need to come in bawo sister ..let's hear Mr Emmanuel na !
This Emmanuel guy is a genius
I can assure you, one day not too far, the true cost of per liter of fuel will emerge. No, landing cost, no port charges, import duties habaaaa! NNPC and Dangote shouldn't take Nigerians for a ride. Off course Dangote has refuted as lies the price per liter NNPC is showing the public as what she bought from Dangote but Dangote is yet to tell us at what price/liter they sold to NNPC. God help us in this country.
The lady in the studio should hold her peace and let EMMANUEL my name sake, talk..💥💥💥
Gas.. New
.. version.. of
. confusion
And..lies
Kelvin’s NNPC refineries should come to competitive with Dangote refinery, why the consistency of the Nigeria consumption astronomical rising without the empirical evidence to assert the drastic declining of ex-depot patronages by marketers and steadily withdrawals of vehicles from service due to hardship and scarce resources.
The Nigeria government and nnpc are chocking and suffocating us 😢😭😭
If Nigerians don't take the fight against corruption seriously, this morbid corruption will kill all of us.
The question is that people are saying that NNPC should sell crude oil to Dangote in naira , good at what amount is that going to be , is it going to be 1534 per dollar .
Good question my brother.
Dollar controlling us in our own country
On the contrary, hope the weather condition in Nigeria would enable cng locomotive vehicles.
All this Grammer would mean nothing if this is imminent annomity isn't looked into.
Kelvin Emmanuel guy is a practical economist. Nnpc is a sham from the pit of hell. Until we abolish Nnpc we will not know peace in Nigeria
Dr. Abati: is anybody doing anybody a favour here? I doubt 👏👏👏
The problem of Nigerians is that we don't know our rights. i am of the opinion that Dangote refinery shouldn't be the only sole working refinery, Govt should fix that of Port Harcourt including other places they said is almost close to completion, as this will give room for competition. Also govt should quash the sole Petroleum regulation body right of NNPC, and constitute its own Machinery that will manage our crude supply to all this refineries, who will ensure they produce and supply fuels to our local filling station at a cheaper price, while they can sell to foreign market based on the international price. Also the crude must have a certain volume that stays in Nigeria and a certain percentage that will be sold outside. until we make this arrangement we will continue to mismanage this product. We lack organization in Nigeria. I don't expect our govt to sell or privatize our main mineral resources etc. As this is National treasures belonging to Nigerians for our betterment, so let all the oil wells sold to individuals be revoked and be run by the govt.
You've Spoken my mind
The problem is not dangote, the problem is that they don't want the price that dangote will sell it is less than the price of imported one. Dangote imported the crud oil he was using as at today.
Well said. You have said it all. I have been calling for the functioning of the government refineries that billions of dollars have been spent to resuscitate it. Nigerians should hold the NNPCL to this.
NNPC should Sell the three refineries now to have real competition in a deregulated fuel industry. NNPC should be scrap
@@sulaak the pms that dangote is selling is imported. Dangote imported the crud oil.
Kelvin and Showunmi has depth knowledge on Nigerian Energy Sector than combined Minsters of Petroleum in Nigeria
We need more economists like Emmanuel obarenri and the other guy Omo nnpcl and dangote matter don tire me o
Dangote does not owe you an answer.Ask your government agency that question.They owe you the answer not Dangote.
The big elephant in the room is NNPC..Why must Dangote sell to them exclusively?
Kelvin Emmanuel FG nor go like you for truth ooo
😂😂😂 Mr. Kelvin Emmanuel has tactically maneuver 😅
At that moment there was no way he would be able to say categorically the amount in Naira. But using an average of N1600 per $, the value isn’t far from what nnpc bought in Naira.
Let this Emmanuel talk jare. This yet journalist should allow him to educate Nigerians. He knows what he’s saying jare.
NNPC should make transaction and production data available to public
Arise should have brought a representative of NNPC seeing as Mr. Kelvin Emmanuel appears to be a representative of Dangote. So many holes and gaps in Kelvin's argument.
Dangote declared, "Our refinery will save Nigeria billions of dollars!" Yet Kelvin is here telling us that Dangote bought crude in USD so how can people expect him to sell in Naira?
We are in a deep situation here in Nigeria.
Things are getting worse everyday
Pls focus on your individual life . Stop complaining and use your God's given # 2 to improve your economic life
It will continue,that's why we must get BIAFRA.
My question: why must nnpc that almost frustrated dangote now buying fuel from him?
Why can't dangote sell directly to the public/other marketers?
This corrupt people shaa!
It sounds to me that the NNPC is more concerned about how much money they will collect and doesn't really care about the Nigerian citizens or households. The young brother makes a lot of sense about the NNPC trying to blame Dangote for the price of gasoline at the pump. If i understand the young brother what he's saying makes sense. The government determines how much gasoline they need for the domestic market. Dangote explains how much it would cost them to refine that amount of prouct for the domestic market. Then the Government provides what Dangote needs to refine for the local market in Nira. The Government must also provide more crude to Dangote so it can sell these extra crude above the domestic price to cover its cost and to make a profit for the refinery. It sounds like its difficult to make a deal because the government doesn't want to loose this revenue they are making on selling crude. This is not difficult this os greed.
If electricity bills will be regulated by private providers, let the PMS be regulated same directly to the consumers at the finals price
This Emmanuel guy needs to be protected
sure...this guy is needed to help this country...frok Cameroon.I love Nigeria
The simple truths are not yet to tell
WHAT A SHAME!!!
If the appropriate regulator is fit for purpose, there ought not to be any discrepancy about what people buy petrol at the pump. This ought to be strictly regulated.
NNPC is a business and while it is entitled to trade for profit, should be in no position to control the price of fuel at the pump. The fact that imported fuel is got cheaper is an irregular situation, which shouldn't happen with a properly regulated system, especially as Nigeria is a substantial producer of the raw material, with transparent dealing and Dangote Refinery on board.
Let Mr Emmanuel expose NNPCL. Abeg bring Emmanuel back on another show for 1 hour, make Nigerians get the reality of this enemy of state.. Sowunmi dey look for contract, refiners were no work for 28yrs, you need science to tell you say , something dey wrong with NNPCL.,,🍭Take lolipop
650,000 barrels of oil can never give you 120million liters. Dangote should be called to order for disrespecting the engineering , science and mathematics community. It is ridiculous.
Very sad, no relief, criminals in governance, who will save us from this Maladdy, amibo nawa for you.
Grammar! milady?
English no be by force oo!!
@@jeffaris2012... Who's the fool here, at least u know what she said...
Who is amibo?
13:38 please stop interrupting this Mr Emmanuel
Did kelvin just japaaaa 😂😂😂
May God help Nigeria
Nigeria 🇳🇬 is still under Western morden slavery in this 2024.
Rufai just dey confuse everybody! Why not pick a calculator and do the maths? 0.55*1560! Simple! Emmmanuel should be on the same platform with Rufai at all ...this isnt his forte! If na Opebloblo and asue for edo elections, better!
I still insist that fuel subsidy has not removed, that was slang from Mr president
The nnpcl is the most experienced swindler in Nigeria. They successfully blackmailed Dangote into partaking in their scam.
You cannot shame the shameless, NNPC.
I think the stories about the pms prices should be clarify to nigerian by telling us how much is crude being sold to dangote refinery and how much is dangote selling back to them
Why is this APC panelist being suspicious of kelvin Emmanuel? Kelvin repeatedly said what is fact and didn’t make up anything himself 😂
When Dangote is in financial stress, he will be bailed out with the people's local currency. Since the Refinary dosen't have the capacity to finance its obligation, they should also subjugate itself to governmental regulating policies for the interest of the Nigerian consumers.
in Nigeria 70 cents is lower than 55 cents
This Emmanuel did not answer a simple question, why is dangote almost selling at loss? Is it love for Nigeria?
Until the GCEO of NNPCL is fired we will continue this stupid circus
The entire board of NNPC Ltd and the Minister of Petroleum Resources need to resign or be sacked!
No until Nigeria is free from Western morden slavery just like Burkinafaso, Mali and Nigre,AES.
The same NNPC that crippled the old four refineries due to lack of maintenance and corruption now wants manipulate the price of crude oil being refined in Nigeria paid in local currency.
55cents/liter from Dangote's refinery.
Nnpcl has milked Nigerians dry.
Why should NNPC that can't refine a single barrel of pms from four refineries be mentioned in the first place?
Kelvin Emmanuel for post of new minister of petroleum or ceo of nnpcl 😊
Government that lie always can't afford to continue this way