Crude Oil Sale: Marketers Upbeat Over Order To Sell To Refineries In Naira

There appears to be a lot of hope in the horizon for oil marketers and motorists alike, following President Bola Tinubu's order to the Nigeria National Petroleum Company Limited, NNPCL, to sell crude oil to Dangote Refinery and other domestic refineries in naira, instead of dollars. Marketers have become naturally upbeat, that is, happy about this development. According to the marketers, the decision is a big win for the country, and it has the great potential of crashing the pump price of Premium Motor Spirit, PMS, otherwise known as petrol. We cannot wait for better days or could we?
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[@nibiruwatchchanelandextrem3599]

I always get responsible journalism from this chanel. Thank you

[@olayinkaadeleye3134]

Dan is right. He knows the business.

[@ismaciilcabdillahiyuusuf2650]

The World with peace, unity, integrity and love,, watching from berbera somaliland rep,,

[@ikp4success]

I only watch TVC because of BKO, he should have his own podcast.

[@olayinkaadeleye3134]

We need to get our production to 3 million barrels per day.

[@DonGiovanniAdebisi-Balog-gz7tm]

Will u be refilling d Barrels in d ground?🤔😤

[@olayinkaadeleye3134]

@@DonGiovanniAdebisi-Balog-gz7tm That is why we have to continue to invest in exploration activities. The oil and gas is there you have to continue to look for more. As you produce you explore to replace the reserves produced.

[@olayinkaadeleye3134]

Dan is right - The savings will be Marginal. What we need to focus on is increasing output

[@joeagbakoba5867]

The price will surely come fown, the over 7billion dollars savings and the various byproducts is a great advantage. We expect a clear reduction in PMS which directly impact on local logistics and therefore lower cost of foodstuff .

[@olayinkaadeleye3134]

Dan understands the subject very well. Obasanjo took the right decision to sell the refinery. The corrupt forces said no!!!

[@user-ug2in4yb1i]

They should not steal the money that is very important naira is now tissue paper

[@olayinkaadeleye3134]

Pump price may increase. We don’t know what exchange rate the government will use for the sale of crude oil

[@olayinkaadeleye3134]

No details on the exchange rate to be used.

[@ogunsoladare2613]

You are right but it saves businesses from looking for the dollar the country doesn't produce and the scarcity of it always drives the oil price has be stopped

[@olayinkaadeleye3134]

@@ogunsoladare2613 What of the Dollar that is not made because the crude is supplied to local refineries in Naira? Assume Nigeria produces at 1.5 million barrels per day and that the oil price is $100 per barrel. That means we make $150 million daily. If we now sell 700,000 barrels in Naira to local refineries, our daily forex income will drop to 800K x $100 = $80 million per day. Naira equivalent of $70 million is what the local refineries will pay government. The only savings you get is from LC charges and probably the cost of petroleum product transport from overseas. If there is no subsidy, PMS will sell for at least N1,000 per liter. The only way to improve this economy is to increase our output. The lowest hanging fruit is to increase oil production to 2.0 million barrels per day and then work towards getting it to 4 million barrels per day. We also need to increase our refining capacity to facilitate adding value and exporting finished products. We then diversify the economy and increase GDP to $2 trillion dollars. This we can do over the next 10 years if we are serious.

[@olayinkaadeleye3134]

@ManHuman-ur2hm But oil has an international price to n USD. Naira cost will be determined by multiplying the US Dollar price by the agreed exchange rate.

[@OkoronkwoIgwe]

Devide peacefully now Fulani government stop cheasing the cloud

[@enchidi]

Lie lie BKO

[@gbengaadaramaja3780]

BKO don't lie.