BUSINESS
Exposing The Truth Behind Nigeria’s Fuel Costs – Report
Nigeria’s fuel pricing has long been a subject of controversy, with many questioning the legitimacy of the landing cost of Premium Motor Spirit (PMS) totaling ₦1,107 per litre.
A breakdown of the costs reveals various components, including FOB cost, freight, insurance, and others.
However, with Dangote Refinery’s imminent commencement, many of these costs may be eliminated, potentially reducing the price to around ₦300 per litre.
HERE IS THE BREAKDOWN OF THE MAKE BELIEVE DECEITFUL COSTS THAT MAKE UP THE LANDING COST OF PMS IN NIGERIA TOTALING ₦1,107 PER LITRE
1. FOB cost: N434.32
2. Freight cost: N86.48
3. Insurance cost: N10.58
4. Lightering cost: N23.45
5. Jetty depot fees: N15.35
6. Storage fees: N12.58
7. Financing costs: N34.67
8. Foreign exchange costs: N23.45
9. NPA charges: N10.58
10. NIMASA charges: N5.29
11. Customs duties: N51.17
12. Other levies and charges: N50.00
Total landing cost: N1107.00
Please note that these costs are subject to change and may vary depending on market conditions, exchange rates, and other factors. This breakdown is based on publicly available data and may not reflect the current or exact costs.
With Dangote refinery coming on stream, we do not have to pay for items 1,2,5,6 7,8,9,10,11
So the cost will significantly be reduced but will spoil business for these thieves and the CABALS in power.
Do you know that with Dangote Refinery coming on board,the no 1 item ( FOB cost of ₦434.32 is out because it only comes in when goods are shipped in from foreign land!
Therefore, the real cost should not even be more than ₦300 naira per litre with Dangote producing considering the fact that :(FOB ₦434.32 + FREIGHT COST₦86.48+ LIGHTERING COST ₦23.45 + JETTY DEPOT FEES ₦15.35 +STORAGE FEES₦12.58+FINANCING COST ₦34.67+FOREIGN EXCHANGE COST₦23.45+NPA CHARGED ₦10.58+NIMASA CHARGED ₦5.29+CUSTOM DUTIES ₦51.17 = ₦686.76.
*So ₦950 / litre – 686.76=₦263.24.*
A corrupt free, people oriented Government should not sell fuel at more than ₦300/litre including profit margin considering the economies of scale.
This is just part of the slavery the heartless people in Government had subjected the Nigerian people to. A wicked rip off of the people. Making fortunes from People’s misery. But surely one day monkey will go to the market and wont return. That time getting nigh.
“Now you see why they are frustrating Dangote?”
(This information is from an unverified sources, and cannot be deemed to be the true picture of things in Nigeria and not sponsored)
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