Petroleum Products Prices and Economic Wellbeing in Nigeria

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@article{1723796,
      author = {LIVINUS, Victoria, Prof. C. G. Nwikina, Prof. S. N. Amadi},
      title = {Petroleum Products Prices and Economic Wellbeing in Nigeria},
      journal = {Iconic Research And Engineering Journals},
      year = {2026},
      volume = {10},
      number = {4},
      pages = {1007-1020},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1723796.pdf},
      abstract = {The study analysed the effect of petroleum products prices on economic wellbeing in Nigeria. The four components of petroleum products prices used include premium motor spirit price, automotive gas oil price, household kerosene price and compressed natural gas price, while economic wellbeing was proxied by the Human Development Index. In order to achieve the objectives of the study, annual time series data which ranged from 1990 to 2024 were used and sourced from the Nigerian National Petroleum Corporation (NNPC) Report, National Bureau of Statistics (NBS) Reports, Petroleum Products Prices Regulatory Agency (PPPRA) Report, Central Bank of Nigeria (CBN) Statistical Bulletin, and World Development Indicators (WDI) of the World Bank. The study employed the Autoregressive Distributed Lag Model (ARDL) as the major data analysis technique to investigate the long-run and short-run parameters among the variables. The findings emanating from this study showed that premium motor spirit price, automotive gas oil price and household kerosene price have negative and significant effects on Human Development Index in Nigeria in the short run and long run, while compressed natural gas price has a negative but statistically insignificant effect on Human Development Index in the short run and long run. Based on the findings, the study concluded that petroleum products prices have a significant effect on economic wellbeing in Nigeria. Based on the above findings and conclusions, the study recommended that government should implement effective petroleum pricing stabilisation policies aimed at reducing excessive increases and volatility in premium motor spirit price, automotive gas oil price, and household kerosene price in Nigeria.},
      month = {October},
  }