FALLOUT OF CRASH IN OIL PRICE: INDIA SCRAPS OIL SUBSIDY, WITHER - TopicsExpress

FALLOUT OF CRASH IN OIL PRICE: INDIA SCRAPS OIL SUBSIDY, WITHER NIGERIA The Cable News Network, CNN reports that Indias Prime Minister Norendra Modi has scrapped oil subsidy. Indians will now benefit from the drop in global oil price as the government expenditure on oil subsidy stands at 23 billion dollars in 2013. Now with the free fall of price of petroleum from $1.08 per litre during the $100+ per barrel era to $.68 today, the Indian people will heave a sigh of relief from the burden of paying higher prices for petroleum consumption. In Nigeria, where the Federal government expends billions on naira on petroleum subsidy annually, it remain to be seen when the Jonathan administration will revisit the subsidy regime and bring succour to millions of Nigerians who pay through their noses to buy petroleum products like diesel, kerosene and petrol.

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