Influence of Covid-19 pandemic on prices of oil and raw materials in abakaliki, ebonyi state, Nigeria

The study investigated the influence of covid-19 on price of oil and raw materials in Abakaliki, Ebonyi State, Nigeria. This study employed ex-post facto research design with aim of finding how the influence of COVID-19 on the price of oil and raw materials. Thus, the target population was 36 which consisted of The target population of this study was Filling stations (12), business centers (15), bakery (4), pure water company (2) and palm oil producers operating (3) in Abakaliki Metropolis even though they are very little in number. Thus, the target population was 36. Managers of the mentioned businesses were the ones that supplied the necessary information for this study. The sample size was 36. Purposive sampling technique was used for the study because the researchers chose corporations that could supply the necessary information needed for the study. The instrument for data collection was a questionnaire. The data collected for this study was analyzed using mean, frequency and Pearson Product Moment Correlation Coefficient. The findings revealed that the mean prices at which fuel was bought between March/April, May/June and July/August, 2020, were N143.37, N148.75 and N 157.50 respectively; diesel was bought at N 199.33, N 212.33 and N 206.66 respectively. Filling stations sold fuel and diesel at an average price of N 132.83, and N 182.00 respectively. Prices of raw materials between March/April, May/June and July/August, 2020 were N 7, 608.33, N 7, 900. 00, and N 10, 105.00 respectively for the different raw materials for pure water production. For bakery, it was N 26,550.00, N 28,333.33 and N 33,416.66 respectively for the different raw materials. The prices at which palm fruit kernel was bought between March/April, May/June and July/August, 2020 were N 183.33, N 250.00 and N 293.00 respectively. The results also revealed that COVID-19 influenced the price of palm oil and crude oil by-products such as petrol (fuel) and diesel; COVID-19 made the prices of raw materials to go up unlike before the emergence of the virus and there is a high positive low correlation between price of oil and raw materials. Based on this, recommendation was made that Nigeria as a country should stop too much dependence on importation of raw materials from foreign countries. The Nigerian government should make efforts to build refineries in the country in order for the crude oil to be refined here in Nigeria.