Rising crude price pushes petrol subsidy to N16bn per day

THE price of Nigeria’s Bonny Light, yesterday, surged further to $91.38 per barrel, from $90.31, recorded the previous day, indicating an excess of $29.38 against the $62 per barrel benchmark of the nation’s 2022 budget.

The leap in price was attributed to a combination of factors, including the declining oil inventory, due mainly to rising demand driven by the reopening of businesses after many months of Coronavirus lockdown.

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