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Noma GarrickNoma Garrick
A legal practitioner and energy consultant with considerable years of experience in the oil, gas and renewable energy sectors.
Joined 3 years ago
From Lagos
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# Should the Price of PMS Revert to N65?

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Article Category >>>Environment

Should the Price of PMS Revert to N65?

By Noma Garrick       Feb 19, 2015


As at the end of business on Monday fifth of January, 2015, the cost of Brent Crude Oil remains at $50.04 / barrel. Actually, West-Texas-Intermediate (WTI) Crude Oil fell beneath $50 a barrel surprisingly since April 2009, as increasing supply keeps on overpowering interest. The cost of the Brent unrefined speak of a 54.5% to 58.3% drop in raw petroleum costs that ran in the middle of $110 and $120 a while going before January 2012.

 

 Nigerian extremely rich person and Africa's wealthiest man Alhaji Aliko Dangote, has focused on building a 9 billion dollar manure perplexing / refinery / petrochemical in Nigeria. The refinery will at first have a limit of 400,000 bpd and is required to be dispatched in 2016. Alhaji Dangote plans to supply a large portion of Nigeria's interest for PMS. This move will certainly amidst many things improve the oil price / N65 per litre.

 

 Emulating a layman's numerical methodology, 400,000bpd at a traditionalist cost of $100pb (note: a barrel of crude oil was over $115 amid the period under audit), is a whooping entirety of $40 million lost to saboteurs day by day. Duplicating these by 7 days provides for you $280 million week by week and $1.12 billion in a month. What this reflects is that in 2012 alone, Nigeria lost $13.44 billion to raw petroleum burglary. Including 2013 and 2014 figures will sum to $40.32 billion stored in the financial balance of few hoodlums. In addition disheartening, right now, the crude oil assets of this country is as yet being stolen.

 

 With the progressive figure of $40.32 billion squandered in the previous three years alone, Nigeria would have manufactured four sorts of Alhaji Dangote's $9billion worth 400,000bpd limit Refinery, Petrochemical and Fertilizer Plant with a change of $4 billion. Incidentally, we can decide to fabricate lower limit refineries for far less.

 

 In the wake of separating all these results, outsiders then offer completed items to us at over the top sum.

 

 Right now, four refineries exist in Nigeria. It may engage you to realize that Nigeria was once trading refined petroleum items. Indeed, the last refinery that was assembled was with the end goal of sending out petroleum items refined in the nation. In any case too bad, none of them is working at ideal limit. They are said to capacity at an appalling 25% of introduced limit.

 

 Interestingly, even at this imperfect creation level, we haven't been told the retail cost of what we deliver by regional standards.

 

 Two, they have declined to let us know who expends the generally refined items. Is it true that it is traded or sold generally? On the off chance that sold mainly, would it say it is financed?

 

 Three, at what cost do we offer the local refined items?

 

 The Federal government has planned the whole of N815.4 million to fuel its energy creating set and vehicles. Will the administration buy from our neighborhood refineries and at what cost?

 

 These are inquiries asking for answers.

 

 Taking everything into account, I beg the national government not to unload these evaluated refineries. It will just give more power to a select intrigue that has reliably ravaged the country's assets by purchasing decision resource of the alliance. An example is the power sector, yet that is a subject for an alternate day.

 

 On the off chance that we refine our rough local, we will offer refined items at less expensive rate. Private speculators are not the answer, they are out to make benefit to the hindrance of the officially poor residents (Nigeria has more than 111 million urgently destitute). Truth be told, Alhaji Dangote just consented to put resources into the refinery venture in light of the fact that an agreement guaranteeing him of offering to Nigerians at global benchmark cost was agreed upon.

 

 I do trust for all descendants' purpose, the administration has quit paying endowment in perspective of the falling all costs.

 

 Since a barrel of unrefined offers for short of what $50 today, the legislature has no premise to keep the retail cost of Premium Motor Spirit (PMS) at N97 anymore. The cost of PMS must revert to N65 immediately.



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