By Emmanuel Addeh and Adedayo Akinwale
The increase in the pump price of petrol has become imminent as Brent crude oil, against which Nigeria’s oil is benchmarked, was up $1.10, or 1.7 per cent, closing at $66.34 a barrel yesterday.
It had earlier hit a high of $66.79 mainly prompted by optimism over the COVID-19 vaccine rollouts and lower output.
The gains by the commodity, whose sales supply a large percentage of Nigeria’s foreign exchange has continued even as the country awaits the outcome of the meeting between President Muhammadu Buhari and state governors over the pricing of petrol tomorrow.
The Nigerian National Petroleum Corporation (NNPC), the sole importer of the product, had last week assured the nation that there would be no increase in February until negotiations with labour were concluded.
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Brentex Petroleum Services Ltd/ China Petroleum Pipeline Engineering Co Ltd (CPP), one of the consortia executing Nigerian government’s Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project, has said that forex fluctuation will not affect the project as they promised to deliver within the agreed cost and time.
The executive vice chairman of the Brentex/CPP consortium, Sani Abubakar, made this pledge during an inspection visit to the project site by the Minister of Finance, Budget & National Planning, Zainab Ahmed, Minister of State for Petroleum Resources, Timipre Sylva and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari.