I want to use this medium to greet all great Hivers. How has been your day so far, hope you are all doing good? I'm positive minded that it's all well and fine.
Ever since the current President, President Ahmed Bola Tinubu ascended the throne of being the number citizen of this country, Nigeria. It has been hell of a ride for all the citizens of the country. During his campaign before he became the President in the last election, he has stated that he would be removing subsidy on fuel. And immediately he was elected, the removal of subsidy kick started which led to the hike in price of how we are formerly fuel.
Further explanation and information about subsidy removal explains that
Removal of subsidy means that we are buying fuel the amount it's coming from the fuel world market price. Meaning before we buy fuel, the federal government paid 2 of 3 of the amount of price we actually buy fuel. Which further explains that, we were actually buying fuel at N185 per liter with government paying about N410 before its(fuel) gets to the citizens with the standard price coming from world market at N595.
Soz that's the removal of subsidy is what government has stopped to be paying which boiled down to the fact that the new elected President claimed the money use in paying subsidy was too bogus that the money can be used or diverted to develop some of other things in the country.
Ever since the development started, the hike in price of fuel affected economy running of the country with the provision of services, buying and selling taking a hike. That's how the economy of Nigeria is being designed, once there's little hike in price of fuel, it would have effect on the price of goods and services.
Why the price of Gas inflated again.
After a while, there's a sudden fall in the price of Gas from about N900 per liter down to N550 per liter which causes one sided happiness among every citizen of Nigeria but suddenly it happened that recently the price of gas is inflating again which could be traced down to the fact that people are diverting from using fuel to run their business to using gas, most especially those that render goods and services to using generator and the likes. With people changing their generator from using fuel to using gas with the help of Gas carburator.
So when there's high demand in the use of Gas, its took a hike again back to the former price just because there's increment in high demand and usage of Gas.
