THE global business threat to replace fossil fuel with cleaner energy substitutes for the objective of reducing carbon emissions believed to be responsible for global warming will most likely to induce worldwide inflation between this year and 2050.
This time around, the Oil Producing and Exporting Countries (Opec) and oil energy giants won’t sit around and have their investments made obsolete with technological innovation and demand for alternative cleaner energy.
It is an opportune window for Opec and energy giants to cash in as much as possible within the next 20 years to hold their cash reserves and take over any new energy substitutes on the market.
It is time for consumers to tighten their belts to pay more for fossil fuel while the roll out of electric cars may be limited to a distance 30 kilometres before recharging is not an ideal solution for long hauls transportation.
In the light of those eminent developments, what would be the Government’s intervention to stabilise domestic fuel prices as the import parity pricing benchmark applied by the Independent Consumer and Competition Consumer will not cushion any external imported inflation due to looming fossil fuel crises?