My cousin just sent me a petrol price breakdown that broke my brain
4 months ago
My younger cousin sent me a WhatsApp voice note this morning. He is studying Economics at UI, first class material, and he decided to break down why petrol price is not dropping fast. He went on for 12 minutes talking about landing cost, forex scarcity, subsidy phase-out, logistics. I listened twice and I still don't know if I am supposed to be angry or impressed.
The thing is, I saw that video where the analyst was explaining the same thing. He said something like 'the market is adjusting to a new equilibrium.' Bros, what equilibrium? My neighbor just bought fuel at ₦750 per litre in Yaba. The same fuel that was ₦617 three months ago. Where is the easing they are talking about? I am starting to think 'easing' in Nigerian context means the price increase is slowing down, not that the price is coming down.
Anyway, I told my cousin to focus on his studies and stop giving me economic anxiety before 8am. But honestly, I am curious. Who else has seen that video and actually understood what the man was saying? Or is it just me nodding and pretending?
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