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Petroleum Pump Price Swing and Consumer Price Index Nexus in Nigeria: New Evidence from NARDL

Author

Listed:
  • Sakanko Musa Abdullahi

    (Department of Economics, University of Jos, Nigeria)

  • Adejor Gabriel Attah

    (Department of Economics, University of Jos, Nigeria)

  • Adeniji Sesan Oluseyi

    (Department of Economics, University of Abuja, Nigeria)

Abstract

The study analyses the role of the petroleum pump price on the consumer price index in Nigeria, using the Nonlinear Autoregressive distributive lag method was used to estimate the time-series data, spanning from 1980 to 2020. The study reveals a long-run equilibrium was found between the consumer price index and petroleum pump price measures. The empirical results obtained revealed an asymmetric relationship between the petroleum pump price and the consumer price index in Nigeria. The study recommended that the policymakers should transparently commit resources into rehabilitation and maintenance of domestic refineries to enhance their functionality and as well reduce importation cost to curtail frequent petroleum pump price adjustment that spiral domestic inflation.

Suggested Citation

  • Sakanko Musa Abdullahi & Adejor Gabriel Attah & Adeniji Sesan Oluseyi, 2021. "Petroleum Pump Price Swing and Consumer Price Index Nexus in Nigeria: New Evidence from NARDL," Studia Universitatis „Vasile Goldis” Arad – Economics Series, Sciendo, vol. 31(2), pages 64-79, June.
    • Handle: RePEc:vrs:suvges:v:31:y:2021:i:2:p:64-79:n:2
    DOI: 10.2478/sues-2021-0009
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    More about this item

    Keywords

    Consumer price index; NARDL; Petroleum pump price;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • P43 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Finance; Public Finance

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