Tuesday, May 4, 2021

Crude oil price hits $68.52/barrel

 The Brent Crude price on Tuesday rose to $68.52 per barrel by 1.42 percent. It gained $.96 per barrel.

The Nation

Ordinarily, it should have been a source of jubilation to an oil producing country like Nigeria but opinions about it were absurd.

The immediate concern of an average Nigeria was the direct increase it would cause in the price of the Premium Motor Spirit (PMS) instead of the revenue increase it would earn the Federation Account.

From economist perspective, the Central Bank of Nigeria (CBN) former Deputy Governor, Dr. Obadiah Mailafia, described the soaring crude oil price as a “mixed blessing” to Nigeria.

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