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The removal of the subsidy on the pump-station price of petrol will have a strong effect on the economy. By raising prices across sectors, it could even bring on a political crisis over cost of living conditions that are already irksome. It will hurt lower income segments of the population more. Following on the adverse economic outcomes of the fiasco that was the attempt to swap banknotes earlier this year, it could be argued that this is one reform initiative that could wait.
If the incompetence of successive federal governments is no excuse for not removing the subsidy, is the requirement that we provide functional local refineries before we may remove the subsidy an argument for delay? Attractive though this argument might be at first blush, it merely complicates the conversation. Nonetheless, it raises a problem in the management of reform initiatives that public conversations rarely allude to: sequencing.
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