Why Cant NNPC Modulate at $60?

1. You are celebrating Crude Oil has risen to $60 per barrel

2.You are celebrating CBN Foreign Reserves are approaching  $40b

3..You forgot Nigeria exports Crude Oil but imports Petrol….(like Venezuela)

4. Simple maths should tell you imported petrol will cost more because Crude Oil costs more…..and without NNPC/FGN subsidy no private sector firm can import petrol… profitably…as at today, only NNPC is importing Petrol…(but they are also busy looking for oil in Chad Basin)

5..Yes  Nigeria is still paying subsidy on imported petrol….we never stopped.

6..When Crude oil crashed to $40, imported petrol price also crashed….NNPC under Ibe Kachikwu told you fuel price was “modulated”….you applauded.

7..Economics does not lie….

8..Why cant NNPC “modulate” at $60?

9..Solution? pass a real PIB…deregulate the downstream and upstream sector….sell NNPC it is a liability.

10..local petrol prices will go up….then crash as many players set up infrastructure to refine Crude oil locally…..competition wins all the time. competition will force down prices.

11..Until a real PIB is done, Nothing will change….”body language” has limits…..