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At $66, Soaring Oil Price Reinforces Imminent Hike in Petrol Cost

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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