‘Petrol is also a matter of time’ — reactions trail ‘drop’ in cooking gas price | TheCable
fuel subsidy is goneSome users argued that the drop in the price of gas is an indication that the price of petrol will also crash with time, when the subsidy is finally removed.WHAT DETERMINES THE PRICE OF GAS?Unlike petrol, cooking gas is not subsidised by the government. This means that the price of cooking gas is majorly determined by market forces.
Speaking on this, Leo Ukpong, a professor of Financial Economics at American University School of Business, Yola, Adamawa state, described the reported drop in price as a “supply-driven phenomenon”.“The production of gas is very different from the refinery process of petrol. In the first place, gas was not subsidised, so it is not part of the whole subsidy issue. Petrol or PMS was subsidised but the price of cooking gas has always been determined by market forces,” he told TheCable.
“Cooking gas is basically demand and supply. The drop in price could be due to an increase in supply. If that is the case, it means the gas plants in the country are now more efficient. I think it is a supply-driven phenomenon.”Price of Cooking Gas dropping daily, we should talk about it more so people understand that “drop in price” happens in Nigeria.It's not everything we ought to amplify 'terrible' situation in Naija. We should endeavour to report the good too.
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