EFFECT OF REMOVAL OF SUBSIDY ON PETROLEUM ON PRICES OF FOOD ITEMS (A CASE STUDY OF OWODE MARKET OFFA, KWARA STATE)
Abstract
This Research is on The Effect of Removal of Subsidy on petroleum on Prices of Food Items. This study focus on selected foods in Offa, Kwara State. The study analyze the prices of selected foods before and after the implementation of subsidy programs to determine the impact of subsidies on food prices in the community. The source of data used for this project work is primary data and collected at General Market Owode Offa, Kwara State. Student's t-test is used to test whether the difference between the response of two groups is statistically significant or not. The test analysis carried out on the selected food based on the prices of food before and after the removal of subsidy. The analysis reveals that the selected foods that are significance at 5% are rice, beans, maize, white beans, yam, tomatoes, sweet potatoes, garri (Ijebu), garri (white), indomie, yam-flour, noodles (golden penny), spaghetti(golden penny), spaghetti (Anti B), onions, egg, palm oil (gallon), soya beans, custard (3in1), vegetable oil, fish (titus), peak milk, sorghum, semovita and those that are not significant are irish potatoes, custard (ordinary), cowbell milk, golden more, and oat. The analysis let us know that most of the selected food, there is significant difference in prices before and after removal of subsidy, we thereby concluded that the removal of subsidy has leads to an increase in prices of foods.
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