Dear God, Let Oil Price Fall to $44 via thisdaylive
SIMONKOLAWOLE! BY SIMON KOLAWOLE
The trouble, as I see it, is that higher oil prices have hurt more than helped Nigeria in recent times. Gone are the days when we enjoyed more comfort when the prices headed for the skies. These days, the higher the price, the bigger the pain for the government and the citizens. Higher oil prices led to higher petrol prices and higher cost of living for Nigerians, with the impact manifesting in growing poverty.
There is a template answer to the question if you insist on asking: smuggling. Because of the price difference with our neighbours , our default assertion is that most of our imported petrol is smuggled out of the country via land borders. Petrol is about N373/litre in Republic of Benin and N630 in Cameroon. I do not dispute the role of smuggling in the burgeoning consumption figures, but I must allow myself to speculate that we can’t be rustling the difference between 38.
I have, therefore, come up with what I think is a peaceful solution to the problem: by praying fervently that crude oil price should drop to $44 per barrel. Since Nigerians are not benefitting from rising oil prices, I now think we should start benefiting from low prices. Crazy? Maybe. But I will advance three reasons to support my prayers that the time has come for crude prices to plummet again.
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