Osabuohien noted that the devaluation of Naira and floating of exchange rate was part of the factors responsible for the new pump price of petrol. “In addition, the nation exports petrol products and in return, brings refined products into the country, thus having ripple effects on the economy.” he said. The economist said that the impacts were so much because those that imported refined products into the county needed to translate it to naira equivalent. Osabuohien added that if the country had not been importing refined products, the effects would not have been much on the economy. He said that the Federal Government needed to put back part of the subsidy removal into economy to ameliorate the ripple effects on the people

Source: Punch July 21, 2023 08:11 UTC