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Manufacturers have expressed concerns as the price of diesel has risen to N1,275 per litre in Lagos and above N1,300 outside the state, Daily Trust can report. The product is selling for N1, 270 per litre in Kano State and above that outside the metropolis. This implies a 26 percent increase in the price of…
TODAY March 9, 2021 There will be more money for the 2021 budget implementation as the crude oil price on Monday hit $71/ barrel which doubles the $30 benchmark. But the spike in crude oil price implies that Nigerians will pay more for a litre of petrol as the landing cost will also rise, experts have said. Brent crude on Monday rose above $70 a barrel for the first time since the COVID-19 pandemic began; while U.S. crude touched its highest in more than two years following reports of attacks on Saudi Arabian oil facilities. Yemen’s Houthi forces had fired drones and missiles at the heart...
However, the Minister of State, Petroleum Resources, Chief Timipre Sylva, at the launch of the Nigerian Upstream Cost Optimisation Programme (NUCOP) in Abuja on Tuesday said Nigerians should brace up for higher fuel price. The NUCOP launch was to find ways of reducing the cost of crude oil production and processing, officials said. Sylva also said with no provision of subsidy in the 2021 budget, the Nigerian National Petroleum Corporation (NNPC) couldn’t continue to bear the cost of under-recovery. “Since we are optimizing everything, NNPC needs to also think about the optimization of pro...