For the first time in 2021, the price of oil has risen to $71.28 per barrel in the international market, barely a few days after the Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC members had resisted pressure to increase output.

Prior to the crucial 14th Meeting of OPEC and non-OPEC ministers, which took place via video conference on Thursday, March 4, 2021, the oil price had hovered at about $65 per barrel.

But close monitoring of the market by Vanguard showed that the price, fuelled by the continued removal of excess supply, started surging towards $70, before hitting the current level on Monday, March 8, 2021.

Specifically, while the price of Brent increased from $65 to the current $71.28 per barrel, the price of Nigeria’s Bonny Light, hovers at $67.69 per barrel, showing an excess of almost $30 as the nation’s 2021 budget was based on $40 and 1.8 million barrels per day, mb/d, including Condensate.

Godarz:


The government has no money to spend on subsides.

Recall that since 2014, oil has dropped to very low levels in the years since. We have had to take loans to keep our heads above water as a result. The loans must be paid back, and part of that oil money goes to paying the loans

Plus, it isn't hhgh enough for Nigeria. We need it to be above $100 before we can even think of breahting easier.

Rebuke:




Read bro

ThatFairGuy:
WOW. Fuel price hike looming

ThatFairGuy:
WOW. Fuel price hike looming

lilvicky68:
Even if it hits 100$ per barrel..them go still dey borrow money from other countries..wicked politicians

salbis:
Las las na #200/liter official price we go pay.