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Fuel price hike looms as crude oil hits $71/barrel

Fuel price hike looms as crude oil hits $71/barrel
dailytrust.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytrust.com Daily Mail and Mail on Sunday newspapers.

Petrol queues abate as more stations resume operations

Punch Newspapers Sections Okechukwu Nnodim, Abuja The queues for petrol in Abuja and neighbouring Nasarawa and Niger reduced on Thursday as more retail outlets dispensed the product to motorists. Petrol queues had dragged on in Abuja and environs since last week, a development that resulted in over 100 per cent hike in transport fares. Oil marketers had attributed the scarcity of petrol in the affected areas to the alleged moves by government to hike the price of the commodity. They had also stated that the recent e-payment policy of the Pipelines Product Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, was disrupting the smooth flow of products’ purchase.

Oil soars above $ 67, Nigeria earns additional N318bn/month

Punch Newspapers Sections ’Femi Asu and  Okechukwu Nnodim Nigeria may have earned over N318bn additionally in February as a result of the increase in crude oil price in the past one month. At the virtual presentation of the 2021 Federal Government approved budget in January, the Minister of Finance, Budget and National Planning, Zainab Ahmed, had stated that Nigeria’s benchmark for crude oil price was retained at $40/barrel. Since February this year, Brent, the oil against which Nigeria’s crude oil is priced, had traded at an average that was higher than $60/barrel. It traded for $63.81/barrel on Thursday.

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