On the 11th of March 2021, the Petroleum Products Pricing Regulatory Agency (PPPRA)
announced that the Nigerian Government has increased the pump price of petrol
to N212.61. The increase in fuel price has created a spike in the cost of
transportation, goods and services among other things, which in turn has
sparked outrage from Nigerians. What do you think is the way out of this
conundrum, Nigeria is currently facing?
This discussion was modified 1 year, 8 months ago by Donald.
I believe one of the ways to bring stability is via a deregulation of the downstream sector of the petroleum industry. This is what operates in most developed nations though one can argue that as a nation, Nigeria may not be there yet. However, with all local ideas having failed us thus far, it might be worth looking into deregulation as the way forward.