Oil price determination in nigeria
THE PRICE OF OIL AND EXCHANGE RATE DETERMINATION IN NIGERIA Ben U. Omojimite Department of Economics Delta State University Abraka Abstract This paper examine whether a link exists between oil price shocks and the Nigerian real effective exchange rate and other determinants of exchange rate. role of oil price fluctuations in the determination of the path of the exchange rate” (Adeniyi et al, 2004). According to Krugman (1983), exchange rate appreciates in response to rising oil prices and depreciates with response to falling oil prices in oil exporting countries, while the opposite is THE IMPACT OF OIL PRICE ON THE NIGERIAN ECONOMY Peter Emeka Arinze Department of Management Sciences, University of Jos, Plateau State E-mail: arinzee@unijos.edu.ng Abstract This study contends that upward adjustments of petroleum productsprices have resulted in inflation, high cost of living, and inequitable distribution of income in Nigeria. The N8.6 trillion budget was based on $60 per barrel (p/b) benchmark at a time international oil price was around $75p/b. Though the price later escalated to about $86p/b, it began a downward PRICING OF PETROLEUM PRODUCTS IN NIGERIA . explicitly set out the framework of price determination for these products. ex-refinery prices using world market crude oil prices with mark-ups
The bulk of Nigerian crude oil is sold unrefined and when determining the economic activity of any country, thus the size of oil prices increase depends on the
22 May 2018 The Nigerian National Petroleum Corporation, NNPC, said that as the price of crude oil in the international market goes up, prices of petroleum 5 Nov 2014 Nigeria had much more funds in the Excess Crude Account the last time the world oil price tumbled dropping from a hight of $140 per barrel in The legal backing for monetary policy by the Bank derives from the various statutes of the bank such as the CBN Act of 1958 as amended in CBN Decree No. 24 of 1991, CBN Decree Amendments 1993,No. 3 of 1997,No. 4 of 1997,No. 37 of 1998,No. 38 of 1998,1999 and CBN Act of 2007. Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended) THE PRICE OF OIL AND EXCHANGE RATE DETERMINATION IN NIGERIA Ben U. Omojimite Department of Economics Delta State University Abraka Abstract This paper examine whether a link exists between oil price shocks and the Nigerian real effective exchange rate and other determinants of exchange rate.
I used to be an oil trader a while ago (trading mainly in oil ETFs/funds). It is one of the most stressful experience as oil prices change throughout the day. I used to wake up in the middle of the night to see how Singapore & Tokyo are closing an
IN the first half of 1986 crude oil prices fell to about $12 a barrel, back to their level of 1974 OPEC, as the price-setting residual supplier, has had to reduce its output to Kuwait, the United Arab Emirates (UAE), Iraq, and Nigeria. In the face. Oil Shocks. Nigeria government expenditures. Oil revenues. Oil prices Economic theories in many instances are inadequate to determine the relationship Its prices are determined partly by the current balance between supply and demand are what happened in Iraq and Libya as well as several times in Nigeria. I used to be an oil trader a while ago (trading mainly in oil ETFs/funds). It is one of the most stressful experience as oil prices change throughout the day. the predictions of economic theory as to how oil prices should behave over time. The third is to fixed price P , in which case the initial price PQ is determine The OPEC- 10 are Algeria, Indonesia, Iran, Kuwait, Libya, Nigeria, Qatar, Saudi. 26 Mar 2016 since Nigeria is import dependent, an increase in crude oil prices government has played in petroleum products' price determination in the.
THE IMPACT OF OIL PRICE ON THE NIGERIAN ECONOMY Peter Emeka Arinze Department of Management Sciences, University of Jos, Plateau State E-mail: arinzee@unijos.edu.ng Abstract This study contends that upward adjustments of petroleum productsprices have resulted in inflation, high cost of living, and inequitable distribution of income in Nigeria.
To determine the pricing policy of petroleum products;; To regulate the supply and distribution of petroleum products;; To create an information databank through
28 Aug 2019 Keywords: Economics, Oil-importing countries, Oil price shocks, GDP per capita The results also reveal the asymmetry adjustments in Nigeria, Brazil, of oil price increase can be determined basically by internal production
THE IMPACT OF OIL PRICE ON THE NIGERIAN ECONOMY Peter Emeka Arinze Department of Management Sciences, University of Jos, Plateau State E-mail: arinzee@unijos.edu.ng Abstract This study contends that upward adjustments of petroleum productsprices have resulted in inflation, high cost of living, and inequitable distribution of income in Nigeria. The N8.6 trillion budget was based on $60 per barrel (p/b) benchmark at a time international oil price was around $75p/b. Though the price later escalated to about $86p/b, it began a downward PRICING OF PETROLEUM PRODUCTS IN NIGERIA . explicitly set out the framework of price determination for these products. ex-refinery prices using world market crude oil prices with mark-ups oil price fluctuations in th e determination of the path of the exchange rate (Adeniyi et al., 2004). According to . Oil Price and Exchange Rate Volatility in Nigeria . Nigeria’s inventories of unsold crude are rising as the country struggles to compete against cheap North-American oil. The price of oil was rising, Goldman was saying $85, although clearly I used to be an oil trader a while ago (trading mainly in oil ETFs/funds). It is one of the most stressful experience as oil prices change throughout the day. I used to wake up in the middle of the night to see how Singapore & Tokyo are closing an Oil's use in fuels continues to be the primary factor in making it a high-demand commodity around the globe, but how are prices determined? (For more, see: How the Oil and Gas Industry Works.)
OPEC, the Organization of Petroleum Exporting Countries, is a cartel of 13 countries that produce 41% of the world's oil. Much of the oil price is determined by commodities traders. That's the The agreement exempted Nigeria and Libya. debates on the pricing of petroleum products to the Nigerian public were gathered (2003: 29), African leaders' concerns are anchored on the determination. 20 Jun 2018 determined by the oil price fluctuations. Also, Babatunde (2015) on the nexus between the oil price shocks and exchange rate in Nigeria