Pricing of petroleum products in Nigeria and the issue of price subsidy

Authors

G. E. Ukpong, Central Bank of Nigeria

Publisher

Central Bank of Nigeria

Keywords

Economic reforms, Downstream petroleum sector, deregulation, oil and gas

Abstract

This article re-examines the policy on petroleum products pricing, especially against the background 'Of government's decision in October 2003 that crude oil for domestic consumption be paid for at the prevailing international price, in order to suggest a way forward. The issue of subsidy is also discussed in that context. The rest of the paper is organized as follows: Section II contains literature review on petroleum products pricing and subsidy. Petroleum products pricing and subsidy management in Nigeria is found in section III. Section IV contains suggested way forward in products pricing in Nigeria as well as concluding thoughts.

Author Bio

Dr. G. E. Ukpoog is the Director of International Economic Relations Department, Central Bank of Nigeria, Abuja.

Publication Title

CBN Economic and Financial Review (EFR)

Issue

4

Volume

42

Recommended Citation

Ukpong, G. E. (2004). Pricing of petroleum products in Nigeria and the issue of price subsidy. Economic and Financial Review. 42(4), 93-105.