The report, titled, “Adding Fuel to the Fire: Cheap Oil during the Pandemic”, was published ahead of the release of the World Bank Group’s Global Economic..
The current low crude oil prices present an opportunity for commodities-dependent economies like Nigeria to review their energy pricing policies as they look forward to the post-COVIC-19 pandemic era, theThe Bank said in a report published on Wednesday that energy-importing developing countries need to move away from costly subsidy schemes and allocate their limited fiscal resources to improving public health and education.
Initially, the pump price was reduced from N145 per litre to N125 per litre; N123.50 per litre, and last week to N121 per litre. These effects, the report noted, would lower economic output and labour productivity well into the future. “To help retain access to market-based financing for fiscal support programmes, these EMDEs will need to make credible commitments to a sustainable medium-term fiscal position. For some of them, current low crude oil prices provide an opportunity to implement energy-pricing policies that yield efficiency and fiscal gains over the medium term,” the report said.
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