Impact of Petroleum Product Prices on the Economic Growth of Nigeria

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Igweze, Amechi Henry, Ofulue, John Ikechukwu, O. E. . M. C. O. M. N. H. N. (2013). Impact of Petroleum Product Prices on the Economic Growth of Nigeria. Journal of Business Management and Economics, 1(9 Sep). Retrieved from http://innovativejournal.in/index.php/jbme/article/view/292
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Abstract

Oil prices always remain an important variable in determining the economic activity of any country. The time of cheap availability of all kinds of fuel has gone because of fast increase in population, which ultimately increases the demand for energy domestically and internationally. It was already projected and estimated globally that the oil demand is expected to increase ninety eight million barrels/ day in next three year (2015) and 118 million barrels / day during next twenty years (in 2030) (Sharma, Singh and Gupta et al, 2012).  The price of fuel has tendency to increase further till the demand growth is curbed and new technologies are introduced which reduces dependency on oil. Akpan (2009) stated that there has been a steep upward trend in the price of crude oil in recent years, reaching a record nominal high in mid-2008. This has led to increasing concern about its macroeconomic implications,   given that the Nigerian economy is highly vulnerable to oil price fluctuations. The findings from this research not surprising and has shown that only the price of PMS has significant impact on the per capita income which was used as a measure of economic growth.

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