Fuel price reduced to NGN87 from NGN97. This is my prediction: 1. Filling stations will not sell it at this price, right away, claiming the bought the one stored in their thanks at a more costly price; 2. Most filling stations may shut down, thereby creating an artificial scarcity of the commodity and selling to blackmarketers who will then sell to the public at exorbitant rate; 3. Govt will do nothing about it, claiming its an open market, thereby throwing away the principle of price-control, the statutory function of PPPRA, a subsidiary of NNPC; and 4. General cost of commodities may rise momentarily as a result of the above. Now, the question is: If the review of the pump price is on up side, will the filling stations rather sell at the former cheaper price claiming that they got the commodity at a cheaper rate???
Posted on: Mon, 19 Jan 2015 06:15:37 +0000
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