Is this the beginning of crude oil by-products price dropping?

[Charles-Tim]

I read last month that it is possible for PMS (petrol) price to reduce this month if the refinery in Port Harcourt is fully functional. This month has just started and we are looking forward for good news about this.

Today, I have just read that Dangote refinery is now selling AGO (diesel) as diesel price plummeted. Diesel sold at ₦1900 in few weeks back but mostly selling between ₦1600 and 1700 per liter. But as Dangote refinery begin diesel sales, it started selling it at N1225.per litre.

If the price of PMS and AGO starts to decrease, it is possible for default to occur as the price of goods and services may start decreasing. But other areas like increase in minimum wage and others also still need to be considered which can make me not to be accurately correct but I think that the price if goods and services may reduce.

[1714490358]

1714490358

[1714490358]

1714490358

[Cryptoprincess101]

I read last month that it is possible for PMS (petrol) price to reduce this month if the refinery in Port Harcourt is fully functional. This month has just started and we are looking forward for good news about this.

That is how they always promise that Portharcourt refinery will begin operations for some time now and at the end of the day, they just abandon it and it has been a repeated act for some years now. Anyway let's be hopeful that it will start operations this time around because almost every one is tired of all these empty hopes all the time.

Today, I have just read that Dangote refinery is now selling AGO (diesel) as diesel price plummeted. Diesel sold at ₦1900 in few weeks back but mostly selling between ₦1600 and 1700 per liter. But as Dangote refinery begin diesel sales, it started selling it at N1225.per litre.

The greatest news that can happen now is if AGO price and petrol pump prices reduces because every one in the society needs these products to facilitate daily activities in the sense that, for motorist, it hasn't been easy for them since petroleum products increased and for passengers also, paying high transportation fees to go to work and their respective business places hasn't also been easy for them as well more especially the salary earners as there were no increment in their basic salaries during these periods.

If the price of PMS and AGO starts to decrease, it is possible for default to occur as the price of goods and services may start decreasing. But other areas like increase in minimum wage and others also still need to be considered which can make me not to be accurately correct but I think that the price if goods and services may reduce.

Exactly because despite that everyone was thinking it was the depreciation in Naira that caused the increment of the price of goods and services, high price of petroleum products was the major contributor because distributors always complain about the high price of transportation resulting from high prices of petroleum products as well, so if the prices of these petroleum products reduces then we can also see the prices of goods and services drop also.

[Marvelockg]

I read last month that it is possible for PMS (petrol) price to reduce this month if the refinery in Port Harcourt is fully functional. This month has just started and we are looking forward for good news about this.

Today, I have just read that Dangote refinery is now selling AGO (diesel) as diesel price plummeted. Diesel sold at ₦1900 in few weeks back but mostly selling between ₦1600 and 1700 per liter. But as Dangote refinery begin diesel sales, it started selling it at N1225.per litre.

If the price of PMS and AGO starts to decrease, it is possible for default to occur as the price of goods and services may start decreasing. But other areas like increase in minimum wage and others also still need to be considered which can make me not to be accurately correct but I think that the price if goods and services may reduce.

I have a big issue with the monopolistic power the FG is giving to dangote to be honest and although if he sells his PMS at a subsidized rate and it goes on to reduce the price of goods in the market it would be a good thing but how long are we going to depend on a single individual to controlling always all the major sector in our economy? Maybe he might choose to reduce the price at this moment and then FG will become reluctant at making the port Harcourt refinery to become fully functional and then he decides to increase it with reasons best known to him and then we blame him for doing so?

Until the federal government wakes up from thier slumber and use our resources rightly, every other policies that's coming from a monopolistic private sector is going to be a short termed solution that will only enslave us in the long run. They depend on oil money for most of their project and can't even invest into the sector to make it bouyant enough and then a private individual keeps on earnessing and occupying all the viable sector in the countries economic zones and small SMEs are deprive access to loans due to high interest rate to even create a small agricultural company for themselves.

Make them kuku sell the country give dangote na or they should better off make him the minister of petroleum since it seems like he is the only reliable person that can get our refinery working again.

[Makus]

This na better development, assuming the government still put head for ground conduct mentainance and repair for other ones too, e for good, or make them just plant new one. That time we go come know say them really mean business to save the economy from falling apart. Nigerian government fit actually dey dey their normal things while them dey work join, that one go make them look like better people, but yet them go wan make this money to the fullest of their potential by all means, na why the country no dey move.

I believe say competition na one of things wey fit help the price of things reduce, so as dangote don start to sell at a cheaper rate, e go prompt every other person to still reduce their price.

[Ruttoshi]

I read last month that it is possible for PMS (petrol) price to reduce this month if the refinery in Port Harcourt is fully functional. This month has just started and we are looking forward for good news about this.

Today, I have just read that Dangote refinery is now selling AGO (diesel) as diesel price plummeted. Diesel sold at ₦1900 in few weeks back but mostly selling between ₦1600 and 1700 per liter. But as Dangote refinery begin diesel sales, it started selling it at N1225.per litre.

If the price of PMS and AGO starts to decrease, it is possible for default to occur as the price of goods and services may start decreasing. But other areas like increase in minimum wage and others also still need to be considered which can make me not to be accurately correct but I think that the price if goods and services may reduce.

I have a big issue with the monopolistic power the FG is giving to dangote to be honest and although if he sells his PMS at a subsidized rate and it goes on to reduce the price of goods in the market it would be a good thing but how long are we going to depend on a single individual to controlling always all the major sector in our economy? Maybe he might choose to reduce the price at this moment and then FG will become reluctant at making the port Harcourt refinery to become fully functional and then he decides to increase it with reasons best known to him and then we blame him for doing so?

You should be happy with the good news that diesel is now being refined in Nigeria, and that one refinery is also working, at least this will reduce the hardship in the country a bit. This is because if the price of diesel comes down, then there is possibility that the price of other commodities would also come down.

Make we no dey the blaming side all the time, because we no go dey like this forever. This is a good change on the current administration. If Port Harcourt refinery works fine, then we are progressing on the oil and gas sector, because all these years the refineries were abandoned.

[Amphenomenon]

If the price of PMS and AGO starts to decrease, it is possible for default to occur as the price of goods and services may start decreasing. But other areas like increase in minimum wage and others also still need to be considered which can make me not to be accurately correct but I think that the price if goods and services may reduce.

Yes agree with you but the fact that the minimum wage will be actually known this month ending is something to be weary about since nothing goes for nothing in this country, the government are too manipulative, while also this may increase inflation rate.

Though the minimum wage is probably going to be between 100k to 150k which likely Labour may consider though it's far from what some were asking for but I guessed they will have to accept this, the price of goods haven't reduced even after the appreciation of our naira against dollar and the PMS and AGO price decrease and I don't really know if the marketers should be blamed with the government for this.

Ironically while the PMS and AGO have started to decrease, the cooking gas continues to raise and this is another call for alarm because there is no better alternative for it except one is opting to using fire wood or charcoal which is quite stressful to use and many living in the cities can't use it and can't even opt for electric cookers because of light bill and low power supply.

[AVE5]

The system of our government is in terms of economy is begining to change in a way that when prices of goods increases, it barely decreases even when the national Economy is growing in revenues.
If the price of diesel could really had decreased as that, atleast we should be expecting some little changes on the highly cost of goods until then the price of fuel goes down just as OPs update that the Port Harcourt refinery may work soon and so price of fuel would decrease to also the price of goods as well.

Let's come to the fact, fuel is not the only petrol that's used for our mechanical devices such as the use for transportations which has highily effects to the cost of living in a society.
So why can't we experience that little changes as the price of diesel goes down? Because we the look of things, we might not be sure if price of good would also go down when the price of fuel finally decreases.
How sure are we that the said refinery would even get to work as speculated? Nothing is new about the promises of our governments in particularly towards the functional of the refineries we've in this country.
But anyways, let's watch it happen my miracle and wonders.

[Spaceman1000$]

I read last month that it is possible for PMS (petrol) price to reduce this month if the refinery in Port Harcourt is fully functional. This month has just started and we are looking forward for good news about this.

Today, I have just read that Dangote refinery is now selling AGO (diesel) as diesel price plummeted. Diesel sold at ₦1900 in few weeks back but mostly selling between ₦1600 and 1700 per liter. But as Dangote refinery begin diesel sales, it started selling it at N1225.per litre.

If the price of PMS and AGO starts to decrease, it is possible for default to occur as the price of goods and services may start decreasing. But other areas like increase in minimum wage and others also still need to be considered which can make me not to be accurately correct but I think that the price if goods and services may reduce.

I just feel the port Harcourt refinery is not going to start anything soon, NNPC it's just being dramatic about it, and I feel there is heavy politics been played, because how can the port Harcourt refinery, the one in delta state and Kaduna not working, yet dangote refinery that was just built few years back just started production started and selling to local dealers but everyday we here stories of port Harcourt refinery coming back to production.

The price of fuel will not reduce anytime soon, I heard one time from the presidential spokes person ajuri ngelari saying even if the Port Harcourt refinery naira start production, the citizens should not expect it to be sold on a low price.

[Cryptomultiplier]

I read last month that it is possible for PMS (petrol) price to reduce this month if the refinery in Port Harcourt is fully functional. This month has just started and we are looking forward for good news about this.

Today, I have just read that Dangote refinery is now selling AGO (diesel) as diesel price plummeted. Diesel sold at ₦1900 in few weeks back but mostly selling between ₦1600 and 1700 per liter. But as Dangote refinery begin diesel sales, it started selling it at N1225.per litre.

If the price of PMS and AGO starts to decrease, it is possible for default to occur as the price of goods and services may start decreasing. But other areas like increase in minimum wage and others also still need to be considered which can make me not to be accurately correct but I think that the price if goods and services may reduce.

Currently, with the price of dollar sitting just 200naira above a thousand bucks, that's #1,200, we expect that marketers will adjust to the price and keep things much cheaper than these last few months.
The CBN claimed to have cleared off the backlog of debts that constituted to the inflation and they expressed hope things would return back to better. We still anticipate and hope that crude oil products become cheaper because the Dangote refinery is supposedly operational as well as port Harcourt refinery.

My concern is that minimum wage may not even be talked about much once people start being able to afford a lot more things than earlier this year and also marketers may claim they still have old stock of products in their warehouses, thus refusing to adjust their prices until the products are exhausted at the current high standing price.

[Smartvirus]

I think this is just the beginning of many good things that is to come and as such, Nigerians can have a high expectancy from its government. When it comes to suffering, Nigerians have seen and endured a great deal of it.

I was speaking with a friend concerning the work that is been done at the Port Harcourt Refinery and he did a good job to school me through it. Although, it’s just one fourth of the work that’s to be done with a total remediation of the place given that, they’ve got about four phases to a total functional and producing refinery, the phase one is enough to bring about some changes should it not be politicized.

At least, they would have the pms product reduced, marketers that deal on export will cut cost as per dollar and transportation of these products to be readily available and the competition that would arise.

It’s going to take as much as the rest of the year to archive a producing face one while they kick off phase two and the rest of them as time unfolds but, it would take a period of enduring 3-4years. We need this change and it’s delightful to see these beams at the end of the tunnel.

[Gozie51]

Make we never begin to jubilate for now as we never still see the workings coming down to the economic realistic expectations. Yes if the prices of petroleum products go down, it will help to push the price of commodities down but for now we have not seen it happening, it is still based on speculative information. So make we still dey go as we dey manage ourselves until we see a very realistic statement saying that dangote refinery don begin work and selling diesel then pH refinery too beginning to work we go then know say yes the economy fit become get shape.

[Samlucky O]

Today, I have just read that Dangote refinery is now selling AGO (diesel) as diesel price plummeted. Diesel sold at ₦1900 in few weeks back but mostly selling between ₦1600 and 1700 per liter. But as Dangote refinery begin diesel sales, it started selling it at N1225.per litre.

I am not convinced about Dangote price of diesel, because he has been a negative influence on Nigerian government. The price you made mention that Dangote is using, may be a price to attract customers to his refinery. which will gradually come back to it original price of Port Harcourt price anytime soon. Dangote has never been of help to the economy, but only extorting money from the citizen. What we need is for him to reduce the price of petrol or diesel and cement for it to remain permanent but not reducing and letting it increase later. He sells cement expensive here on Nigeria regardless of producing it here in Nigeria. So I don't see a difference in Diesel neither his just trying to attract people to patronize him. He will definitely show us what he is made of.

[Miles2006]

Let's just hope and believe more are yet to come cause I can't just predict concerning the price of goods. Make the refinery first start besides I don see like three news concerning the refinery issue but I never experience the price of fuel decrease ohh abi the price never circulate. Anything concerning Dangote and his business I no dey take am serious cause this guy dey intentionally do some certain things cause why he price of goods dey always fluctuate like I no understand.

[Gormicsta]

This na better development, assuming the government still put head for ground conduct mentainance and repair for other ones too, e for good, or make them just plant new one. That time we go come know say them really mean business to save the economy from falling apart. Nigerian government fit actually dey dey their normal things while them dey work join, that one go make them look like better people, but yet them go wan make this money to the fullest of their potential by all means, na why the country no dey move.

I believe say competition na one of things wey fit help the price of things reduce, so as dangote don start to sell at a cheaper rate, e go prompt every other person to still reduce their price.

In economics, one of the theories wey dem call 'the perfect competition theory' dey explain how competition go fit help to increase efficiency and improve the well being of people. This theory say competition go help to improve efficiency and productivity, reduce prices and make sure say the quality of goods and services dey improve. But for dis theory to dey effective, e dey need to get some kind conditions wey go make sure say the market dey really competitive. This conditions include:
- plenty producers wey dey produce similar goods and services.
- buyers wey get perfect knowledge about the goods and services for the market. So the government need to dey try to create policies wey go encourage competition among producers and providers of goods and services.

[Bitco55]

I read last month that it is possible for PMS (petrol) price to reduce this month if the refinery in Port Harcourt is fully functional. This month has just started and we are looking forward for good news about this.

Today, I have just read that Dangote refinery is now selling AGO (diesel) as diesel price plummeted. Diesel sold at ₦1900 in few weeks back but mostly selling between ₦1600 and 1700 per liter. But as Dangote refinery begin diesel sales, it started selling it at N1225.per litre.

If the price of PMS and AGO starts to decrease, it is possible for default to occur as the price of goods and services may start decreasing. But other areas like increase in minimum wage and others also still need to be considered which can make me not to be accurately correct but I think that the price if goods and services may reduce.

This is correct. If the prices of diesel and other crude oil by-products reduce this would lead to a reduction in the prices of goods and services in the country. That is, hopefully, it would, because due to past experiences and words from people, the prices of goods and services when they go up, barely reduce since that won't be palatable for businessmen anymore. It only takes the grace of God for the prices to be reduced. But something I would like to point out is the fact that if minimum wages increase more than it is, that would also lead to inflation and inflation is what we're trying to reduce in the country. But if the wages increase due to an increase in the general productivity in the country, then, instead of being a bad thing, this would be good for the country.

[Doan9269]

I read last month that it is possible for PMS (petrol) price to reduce this month if the refinery in Port Harcourt is fully functional. This month has just started and we are looking forward for good news about this.

What have they been thinking over the years without realizing how much they have been loosing when a whole country cannot make the utility of its old and existing refineries but instead go to other countries to do so, are we going to gain from such deals as if it were to be all done by ourselves.

Today, I have just read that Dangote refinery is now selling AGO (diesel) as diesel price plummeted. Diesel sold at ₦1900 in few weeks back but mostly selling between ₦1600 and 1700 per liter. But as Dangote refinery begin diesel sales, it started selling it at N1225.per litre.

Dangote is not only a business man, he is also a politician, you cant except someone like him who have already been suffering a lot from the downgrade on naira value to also loose more in bringing down the price of the markets on what he sells, he wouldn't do that, instead work on anything that comes on his own advantages.

[Davidvictorson]

I read last month that it is possible for PMS (petrol) price to reduce this month if the refinery in Port Harcourt is fully functional. This month has just started and we are looking forward for good news about this.

Today, I have just read that Dangote refinery is now selling AGO (diesel) as diesel price plummeted. Diesel sold at ₦1900 in few weeks back but mostly selling between ₦1600 and 1700 per liter. But as Dangote refinery begin diesel sales, it started selling it at N1225.per litre.

If the price of PMS and AGO starts to decrease, it is possible for default to occur as the price of goods and services may start decreasing. But other areas like increase in minimum wage and others also still need to be considered which can make me not to be accurately correct but I think that the price if goods and services may reduce.

Technically this is what is expected if everything goes as planned but I am yet to hear the latest from Ph refinery I have only heard of Dangote selling AGO. The first question that came to mind was, did he refine this product in his refinery or was it an imported product? If it were refined we expect that the price of goods and services will drop gradually assuming he gets the other guys involved in it to buy from him the reverse is the case if he still imports. As for the pH refinery make we sidon dey look Dem.

[Charles-Tim]

Dangote is not only a business man, he is also a politician, you cant except someone like him who have already been suffering a lot from the downgrade on naira value to also loose more in bringing down the price of the markets on what he sells, he wouldn't do that, instead work on anything that comes on his own advantages.

Did you mean that it has a reason he started to sell AGO at low price? For naira not to fall more? Indirectly, if there is inflation in the country, it will also affect the price of naira in a way that it will depreciate in price and that will have negative effect on Dangote's wealth which will depreciate. If that is what you meant, I agree with you but it would be a win to win because Nigerians will also benefit from the fall in price of AGO.

[7juju]

I read last month that it is possible for PMS (petrol) price to reduce this month if the refinery in Port Harcourt is fully functional. This month has just started and we are looking forward for good news about this.

Today, I have just read that Dangote refinery is now selling AGO (diesel) as diesel price plummeted. Diesel sold at ₦1900 in few weeks back but mostly selling between ₦1600 and 1700 per liter. But as Dangote refinery begin diesel sales, it started selling it at N1225.per litre.

If the price of PMS and AGO starts to decrease, it is possible for default to occur as the price of goods and services may start decreasing. But other areas like increase in minimum wage and others also still need to be considered which can make me not to be accurately correct but I think that the price if goods and services may reduce.

I have a big issue with the monopolistic power the FG is giving to dangote to be honest and although if he sells his PMS at a subsidized rate and it goes on to reduce the price of goods in the market it would be a good thing but how long are we going to depend on a single individual to controlling always all the major sector in our economy? Maybe he might choose to reduce the price at this moment and then FG will become reluctant at making the port Harcourt refinery to become fully functional and then he decides to increase it with reasons best known to him and then we blame him for doing so?

Until the federal government wakes up from thier slumber and use our resources rightly, every other policies that's coming from a monopolistic private sector is going to be a short termed solution that will only enslave us in the long run. They depend on oil money for most of their project and can't even invest into the sector to make it bouyant enough and then a private individual keeps on earnessing and occupying all the viable sector in the countries economic zones and small SMEs are deprive access to loans due to high interest rate to even create a small agricultural company for themselves.

Make them kuku sell the country give dangote na or they should better off make him the minister of petroleum since it seems like he is the only reliable person that can get our refinery working again.

The federal government will continue to back Dangote and make him more powerful, because most of the politicians have their shares in Dangote group. Why are they always talking about the Portharcourt refinary alone while we have other refinaries like the warri and kaduna refinaries. Why not fix all of them and make life easier for the people? The answer is simple if they do it they will run out of business because their investments with Dangote group will not yield profit. This government is not ready to stop the monopoly of Dangote because that's where most of them are laundering the nation's money. But my own is whatever they do, let them make the economy working for the masses.

[Charles-Tim]

Let me make it big for it to be obviously seen: Dangote further reduces diesel price to ₦1000/litre

Dangote has reduced the price of AGO which we popularly known as diesel from ₦1200 to ₦1000. We can remember that this was sold at ₦1900 some months ago,but which fell to ₦1600.

https://punchng.com/just-in-dangote-further-reduces-diesel-price-to-n1000-litre/