Friday, 4 March 2016

Now that the Fuel Subsidy has been removed, What Nigerians should expect



This post is linked to my previous post, Recent Update on Fuel Subsidy in Nigeria. So many
countries (including Nigeria) earning huge amounts of money from sales of crude oil are complaining bitterly about the falling price of crude oil and are making efforts in a quest to increase the price. Their plan is to make it scarce, and i'm sure you're aware that when something is scarce, the price will go up. They can make it scarce by reducing the amount of crude oil they supply. So, we expect that by next year, the price of crude oil will start rising again and so will the price of fuel, since the government no longer pays anyone to reduce the price of fuel.  We should expect that by 2017 and part of 2018, the price of fuel might be very high, that is if the price of crude oil increases. It may even get to 200 naira per litre or above, a possible remedy to this will be an increase in the amount of importers buying fuel from abroad and selling in Nigeria, then and only then will the price fall to a certain level because there will be more competition. Also, the price can come down if government decides to build new refineries and repair the old ones, so that the fuel can be produced here in Nigeria. After all, Nigeria is endowed with Crude oil which is one of our major raw material. Comment box still very much open, Air your view.

2 comments:

  1. I think it's high time we seeked other means of energy for our daily activities. We mustnt rely solely on Fuel.

    ReplyDelete
    Replies
    1. Yeah very true,but Nigeria can produce fuel as well. We are richly blessed with crude oil.

      Delete