IMPACT OF THE PETROLEUM PRODUCTS PRICES ON CONSUMER PRODUCTS PRICES IN NIGERIA

This study examined the relationship between petroleum products prices and consumer products prices between 1996 and 2018 in Nigeria. The relationship between automotive gas oil, premium motor spirit (petrol), dual purpose kerosene (household kerosene) prices and consumer products prices in Nigeria. Research design used in this study was expost-facto design. Secondary data were mainly drawn from National Bureau of statistics' consumer price index and Central Bank of Nigeria Statistical Bulletin. The findings reveal that prices of automotive gas oil, petroleum motor spirit and dual purpose kerosene have significant and positive relationship with the prices of consumer products in Nigeria. It was inferred that prices of automatic gas oil, petroleum motor spirit and dual purpose kerosene affect the prices of consumer products significantly. The study recommends that government should provide alternative source of energy that will enhance accessibility by the poor, rural dwellers and every sector of the economy. The implication is that the reduction in the cost of petroleum products and the availability of power will boost the business in the economy and improve standard of living