The Petroleum Product Pricing Act and Regulation provides the legal framework for the setting of prices of petroleum, wherever this act is applied. In the Federal Government’s quality of being determined to achieve its aim and objectives to regulated the supply and distribution of petroleum products among others, National Assembly of the Federal Republic of Nigeria enacted the Petroleum Pricing Regulatory Agency Act 2003 referred to as ‘The PPPRA Act’ or ‘Act No. 8 of 2003’
The PPPRA Act established an agency known as Petroleum Products Pricing Regulatory Agency i.e., the Agency. The Agency is a body corporate with never ending succession and a common seal capable of suing and being sued in its corporate name. The Agency is an existing one
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To average the rise in petroleum products prices while ensuring reasonable returns to operators,
v. To exercise the role of middlemen as necessary for all stake holders in the sector.
PETROLEUM PRODUCT PRICING SINCE THE END OF ADMINISTERED PRICING MECHANISM
In April 2002 India put an end to the Administered Pricing Mechanism (APM) controlling the domestic price of petroleum products in India. Under the APM, product pricing were directly administered by India’s Central Government based on an opaque and complex ‘cost of operating capital plus’ formula.
Under the new regime, OMCs would be free to set retail products prices based on an import parity pricing formula under the supervision of a petroleum sector regulator. A
domestic refining and retail sector was also opened to private sector firms – leading to the disclosure of a notable private sector retailing presence in India consisting of firms such as Reliance. Because of the importance of LPG and Kerosene as cooking fuels to poorer series of India’s population, flat-rate subsidies funded from Government’s budget were renewed, and however these were to be phased out between 2005-2007 (they are yet to phased out). Under the new pricing regime, it was expected that retail price for petroleum products would fluctuate with changes in the price of India’s crude basket. International crude prices have risen sharply, retail prices for the products examined have increased slowly, but LPG and Kerosene prices have hardly increased
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With the continue rise in crude prices beginning in 2002, the Central Government increasingly looked to restrict the ability of OMCs to increase the prices, in order to protect the Indian consumers. By mid of 2004, the post APM model of product pricing had been effectively deserted, with the Central Government once again centrally giving permission to upward price revisions. Since 2004, the retail prices for petrol and diesel have been revised upward less than ten times by the Central Government, while LPG and Kerosene price remained effectively fixed. By conclusion, the private
I believe that the government should break up Standard Oil’s Monopoly for the following reasons; First because John D. Rockefeller's acts are corrupt, secondly because it led business to bankruptcy and lastly because it could be considered as illegal business. For these reasons I believe that the government should break up Standard Oil’s Monopoly. John D. Rockefeller along with his brother created the Standard Oil Company, and became one of the world’s wealthiest men. In 1870, he established Standard Oil. It controlled 90% of the Country's refineries.
- working with working staff to set up strategies, models and frameworks. - Setting client administration measures & assuring that the current standards satisfy the customers & helps retaining them. • Coordinating with the workers themselves can help effectively in setting appropriate models for the procedures & systems because they are the ones who interact directly with raw materials and producing the products, so they would know better if anything in manufacturing needs improvement or so. • It is important to satisfy the current customers in different possible ways in order to retain them which eventually leads in attracting more customers as well.
The US was under heavy control of a lot of trusts that were ran and were worth a lot of money. Standard Oil had a ton of products they were producing which made them have better control on the railroad, because they were the biggest lube manufacturer for the railroads. In the first presidential election of the 19th century the biggest issue in the election was trusts. The main reasons Standard Oil was broken up was because of the Sherman Antitrust Act and Standard Oil Co. of New Jersey v. United States.
We don’t want to risk it and make it too low by reducing the price by 10%. There is a potential increase in market share by reducing the price by 7% in only the grocery and produce markets. The gross profit margin with efficiencies means updated prices, people don’t need to tag shelves, lower inventory costs, lower supplies, and labor expense which makes Option 3 so attractive. The price will be best if reduce only 7% in those two categories. The categories we choose addresses the issue of consumer perceptions of higher prices by increasing the perception of value for customers of the most popular grocery items.
Prices also went up because people that were selling products wanted to make more money. Prices were going up people couldn’t afford to buy food most of the time. “ There is no cause to worry. The high tide of prosperity will continue”, said Andrew W. Mellon,. Trading throughout the countries became a loss because of their lack of wealth.
First Sarah and I reviewed the demand of gas throughout the years in PADD 1 to see if we can see any noticeable changes in demand and then see if we could correlate those to changes in prices. The first trend we were able to find was that the demand for gas would usually slightly raise in the summer but we could not correlate this to a change in price. This is because, as we read in the additional information provided, people tend to take more vacations and be more active in summer causing a higher demand of gas.
With these new corporations, the prices reduced in the years of 1870-1899. These prices refer to the average price for goods and services during a given time. Fuel and light prices as shown in Document A, decreased. Most significantly, by 1899, fuel, lighting and
When firms have such power, they charge prices higher than they can
During the period of the Gilded Age, the United States was controlled by the corporations owned by robber barons. Men such as Carnegie, Rockefeller, and Morgan used money to place their own foothold in the entire economic and political system of the united states. They were able to control wages, adjust prices, buy out all competition, and avoid nearly all punishment. They held their workers under them to build their business. These business’ products were such a necessity they were able to control the entire nation.
Hollister offers wide range of consumer shopping goods related to the Clothing line. They offer different product with different versions to Dudes and bettys include graphic and “crew and tee shirts”, polo’s, Henley’s, cardigans, shirts, pullovers, outerwear, rinse or wash slim jeans, flip-flops, shoes, perfume and boxers. Product Attributes: High Quality, Unique comfortable designs inspired by the SoCal Theme and different styles and Colorful patterns. Product Packaging Hollister is well-known for its stylish shopping bags that use young attractive models on them.
EXECUTIVE SUMMARY M. PROCESS --> situational analysis - product life cycle Product life cycle involves four main stages which a product has to pass through such an introduction, growth maturity and decline. Numerous business innovate or invent inspired by someone’s great idea to produce a product which would be fresh in market, different compared to others and which also is innovative and perhaps superior to the one which available. Similarly with the most successful company Microsoft corporation’s product Microsoft office which as already touched to maturity stage according to its features: • Product features and packaging try to differentiate the product from those of competitors: Microsoft office is a brand that has extensively diversified
4.4 Pricing Strategy For a number of reasons, price is one of the most important aspects of an effective marketing strategy (Gerstein & Friedman, 2015). First, price is the only marketing variable that generates revenue. Second, buyers see price as an attribute of value (Tanner & Raymond, n.d.). Consequently, an organization must carefully assess its internal and external environment to choose the most effective pricing objective, which—in turn—will drive a product’s initial pricing strategy.
Price floors however are minimum prices that the government sets when the prices of products are too low and they think producers are in need of assistance. Besides that, direct provision is another method of government intervention. The main economic justification for the provision of these goods is that, they may not be produced by the market otherwise since zero monetary profit would be made from its
The pricing strategy or pricing policy is one of the most important managers make for a product as it affects the profitable outcome and competitiveness that a product may make. (Toni, 2017). A business can use a variety of pricing strategies when selling a product or service. The price can be set to maximize profitability for each unit sold or from the market overall. It can also be used to defend an existing market from new entrants, to increase market share within a market or to enter a new market by dropping the price or offering more benefits with the device such as packages.
This is also where price mechanism takes place because any changes in demand and supply, will affect the price, and eventually balancing the demand to be equal to supply. This is the reason why consumers and producers have no control over the price, and in this situation, everyone is considered as price takers. This causes a horizontal line in the demand curve for the firm’s product(s), as can be seen in Figure 1 (b). Figure 1 There are barely any barriers to enter this market, making it easy to enter and exit according to the firm’s capabilities.