Commentary@ITREALMS:
Recently the social media have been inundated with reports on arbitrary increase on transportation cost especially to the Eastern bound passengers among others.
After a careful but thought provoking insights into the foregoing, I submit as follows.
Firstly, the hike in transport fare over the years have no ethnic coloration nor religion affiliation. Atimes the key players have attributed it to scarcity of petroleum products during the yuletide as witnessed in the recent past.
Secondly, a simple Economic laws of demand states that demands and supply are the forces that determine the market price of every goods and services. High demand Lowers supply thus increasing price. High supply saturates demand and lowers price by reducing interest on such services.
Incidentally, on my way to church today, I parked by a road side Vulcaniser to gauge my tires, the guy told me each of such services per tire costs #200 against usual #100. I asked why, he said it is the same everywhere. But I only patronised him because I was already late and thus the inelastic nature of my demand.
Equally, Nigeria is practicing A Mixed Economy dominated by Capitalism with little or near government absence in service industries. While the key industry players are profit minded at all cost across service and commodity sectors, Govt absence as close substitute or alternative providers worsen the situation.
More so, every festive seasons across the world where capitalism is in full swing, there is always marginal price increase in services and commodities. Nigeria Barka De Sallah and Eidel Fitri witness the high cost of Ram, goats cows and even transportation cost to or from northern states. The same applies to Christmas, and Easter with transportation hike and bags of rice, chicken to say the least.
Additionally, the list is exhaustive. If fuel has increased in pumb price, the rates would have doubled by half on what one may pay.
Therefore, the government should where urgently come in where necessary to provide close substitute or competitive alternatives. Nigeria Airways if in Place could checkmate private airline tickets hike, Local and state govt owned mass transits can checkmate bus owners greed based on demands And host of others.
Finally, proper planning remains the key. if I am to travel within or outside the country for any vacation or yuletide induced travel, I should plan very early. If a lot of is spent in celebrating an annual and fixed events to the detriment of other needs, it is then purely a profit margin to the operators over the stupidity of the customers who have failed to plan.
Conclusively, yuletide induced travel and other commodity prices are both religious nor tribal but purely by forces of demand and supply.
*Nwankwor Chukwudi, chukwudinwankwor@gmail.com
*JOIN our alert's group | Share stories with us | Advert placement: WhatsApp | SMS: +2348033592762 *Twitter: @ITREALMS *Email: itrealms.dsa@gmail.com*
After a careful but thought provoking insights into the foregoing, I submit as follows.
Firstly, the hike in transport fare over the years have no ethnic coloration nor religion affiliation. Atimes the key players have attributed it to scarcity of petroleum products during the yuletide as witnessed in the recent past.
Secondly, a simple Economic laws of demand states that demands and supply are the forces that determine the market price of every goods and services. High demand Lowers supply thus increasing price. High supply saturates demand and lowers price by reducing interest on such services.
Incidentally, on my way to church today, I parked by a road side Vulcaniser to gauge my tires, the guy told me each of such services per tire costs #200 against usual #100. I asked why, he said it is the same everywhere. But I only patronised him because I was already late and thus the inelastic nature of my demand.
Equally, Nigeria is practicing A Mixed Economy dominated by Capitalism with little or near government absence in service industries. While the key industry players are profit minded at all cost across service and commodity sectors, Govt absence as close substitute or alternative providers worsen the situation.
More so, every festive seasons across the world where capitalism is in full swing, there is always marginal price increase in services and commodities. Nigeria Barka De Sallah and Eidel Fitri witness the high cost of Ram, goats cows and even transportation cost to or from northern states. The same applies to Christmas, and Easter with transportation hike and bags of rice, chicken to say the least.
Additionally, the list is exhaustive. If fuel has increased in pumb price, the rates would have doubled by half on what one may pay.
Therefore, the government should where urgently come in where necessary to provide close substitute or competitive alternatives. Nigeria Airways if in Place could checkmate private airline tickets hike, Local and state govt owned mass transits can checkmate bus owners greed based on demands And host of others.
Finally, proper planning remains the key. if I am to travel within or outside the country for any vacation or yuletide induced travel, I should plan very early. If a lot of is spent in celebrating an annual and fixed events to the detriment of other needs, it is then purely a profit margin to the operators over the stupidity of the customers who have failed to plan.
Conclusively, yuletide induced travel and other commodity prices are both religious nor tribal but purely by forces of demand and supply.
*Nwankwor Chukwudi, chukwudinwankwor@gmail.com
*JOIN our alert's group | Share stories with us | Advert placement: WhatsApp | SMS: +2348033592762 *Twitter: @ITREALMS *Email: itrealms.dsa@gmail.com*
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