Nigeria: Further Fuel Price Hike Looms as Crude Oil Hits $48.82/barrel

Ibe Kachikwu behind artificial fuel scarcity

By Michael Eboh with Agency Report

The rebound in the price of crude oil in the international market continued yesterday, fuelling fears of a further hike in the price of Premium Motor Spirit, PMS, also known as petrol, in Nigeria.

Specifically, the price of Brent, the benchmark crude oil, rose to $48.89 per barrel yesterday, from $45.52 per barrel recorded last Wednesday, when the Federal Government announced the hike in the price of fuel, representing an increase of 7.2 per cent.

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