Nigeria is not the only country in the world that is facing hardship as a result of the fall in price of petroleum products. Venezuela, a one time great country with the lowest price per gallon of petrol in the world is now struggling to keep and maintain the good standard of living which the citizens were used to in the past. Honestly, most countries that depend solely on the sales of petroleum products to carry out and implement the budget of their various countries are now facing difficulties because the consistent fall in the price of petroleum products has affected their countries earnings so badly which prompted a country like Venezuela to increase the prices of oil in the country to a very high margin and the citizens who have not known or see this sort of increase in the past are now complaining so bitterly. Some of the citizens our (Viewers corner) correspondent interviewed revealed that for quite sometime life has been difficult for them, unemployment is visible everywhere in the country (Venezuela) and since the government increased the price at which the citizens of Venezuela buy oil in the country, that increase is biting so hard on them.
This is an eye opener for countries that rely solely on petroleum products to survive. We (Viewers corner) advised in the past that these countries that rely solely on oil should diversify because in some years to come the oil consuming nations of the world may at a point invent a system that would make them less dependent on oil and now such system is coming to play. However, it is still not too late for the oil producing nations of the world to reform their system and look elsewhere by diversifying and taking to other areas of interests so that their preference should not only be on oil. Right now Venezuela has turned to China for help based on our findings and when a country seeks for help from another country, certain conditions would have to be followed which would automatically put the receiving country on a disadvantage position. Once again, we are advising the oil producing nations of the world to carry out reforms that would create more opportunities for their various countries so that they do not put all their hopes on the sales of oil to plan their budgets. This is food for thought, please take a decision now because tomorrow may be too late.
Source: Viewers Corner News.