Determinants of domestic energy prices in Nigeria (1980-2020)

Ologbenla Patrick
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Abstract

The study examined the factors that influence the domestic prices of petroleum using the price of premium motor spirit (PMS) in Nigeria from 1980 to 2020. The study employed Autoregressive Distributed Lag model for the data analysis. The scope of the data used from the analysis of the study ranges from 1980 to 2020. The study found out that there exist a positive relationship between petroleum pump price and inflation and the result is statistically significant at 5% level of significance. The study also discovered that both oil output and oil import are the prime factors affecting the prices of domestic energy in Nigeria. The study recommended that our refineries should be put in good shape so we can save the cost of having to export to other countries for refining as this contributed to the high cost of selling the product in Nigeria. The study also recommended diversification of the economy in favour of the real sectors as this will help provide more goods for exports thereby improving on the balance of payment.
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尼日利亚国内能源价格的决定因素(1980-2020年)
该研究利用尼日利亚1980年至2020年的优质汽油(PMS)价格考察了影响国内石油价格的因素。本研究采用自回归分布滞后模型进行数据分析。该研究分析使用的数据范围从1980年到2020年。研究发现,油泵价格与通货膨胀之间存在正相关关系,其结果在5%显著性水平下具有统计学显著性。研究还发现,石油产量和石油进口都是影响尼日利亚国内能源价格的主要因素。该研究建议,我们的炼油厂应该处于良好状态,这样我们就可以节省向其他国家出口炼油的成本,因为这导致了在尼日利亚销售产品的高成本。该研究还建议经济多样化,有利于实体部门,因为这将有助于为出口提供更多商品,从而改善国际收支。
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