EFFECT OF OIL PRICE VOLATILITY ON PERSISTENT PETROL SHORTAGES IN THE OIL PRODUCING ECONOMY: EVIDENCE FROM POST-COLONIAL NIGERIA

This part of the research also examines the effect of oil price volatility, which is an inherent characteristic of the international oil market. Following this, the author argues that oil price volatility in the international market contributes to the lingering crisis of Nigeria’s major petroleum exporting country, namely, petrol shortages. The article explained the international oil market’s character and Nigeria’s dependence on it for the import of refined oil. Under this sub-theme, I identified three major forces that influence the volatile posture of the oil market and how these forces are conditioned/determined to account for persistent product scarcity in Nigeria. The article benefits from a collection of various data, including interviews, archival materials, newspaper articles, and peer-reviewed journal articles, to analyze this important element that has challenged the domestic economy’s adequate supply of petrol and contributed to the perennial scarcity of petrol.