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Big trouble for Nigeria as oil price hits highest since 2011

Big trouble for Nigeria as oil price hits highest since 2011

Nigeria’s economy is in big trouble as oil prices continue to rise, and it is now trading at above $111 the highest level since 2011.Information Guide Nigeria

According to RIPPLES NIGERIA, it looks impossible for the Nigerian government to sustain the N165 pump price and as a result, the fuel scarcity currently being experienced in the country is not going away anytime soon.

As reported by RIPPLES NIGERIA, data from Reuters showed Brent crude the benchmark of Nigeria’s oil was exchanging at 111.46 per barrel while the US West Texas Intermediate (WTI) crude was at $110.19 per barrel on Wednesday.

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The astronomical rise in the oil price is driven by the growing concern of supply disruption which reached a fever pitch in Europe, no thanks to the conflict between Russia and Ukraine.

According to RIPPLES NIGERIA, with the recent sanctions flying around Russia, European countries are not really concerned that one of the world’s oil giants will turn off its tap.

RIPPLES NIGERIA reports that the Nigerian National Petroleum Corporation (NNPC) relies heavily on imports to meet the daily demands of over 60 million litres in the country.

The current international oil price means it will cost almost double the amount to import petrol when compared to the same period last year.Jamb Result

According to the most recent data from the Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA) Nigeria had in its stocks as of November 29, 2021, 2.12 billion litres of PMS that could take 37.97 days to exhaust and while the data is yet to be updated, 37 days from November 29, 2021, ended on January 6, 2022.

RIPPLES NIGERIA reports that with the increase in oil price above $111, the worst awaits the Nigerian economy.

Source(RIPPLES NIGERIA)

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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