Petroleum, Electricity and Industrialization.

Gasoline prices, Octane-95: The average price of gasoline around the world is 1.36 U.S. Dollar per liter. However, there are substantial differences in these prices among countries. As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the U.S. which is an economically advanced country but has low gas prices. The differences in prices across countries are due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of the international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different.

Data from the National Bureau of Statistics also indicated that in comparison with the average price value in the previous month of May 2023, the average retail price had increased by 129.23 per cent from N238.11.

In a country like Nigeria where petrol is relied upon as a primary source of energy for production and service delivery, the fuel hikes immediately exerted a most negative impact on the nano, micro and macro enterprises in both the formal and informal economy.

Within a short period, there was a corresponding increase in the price of energy, transportation, food, healthcare, and other services across Nigeria.

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