Business
BREAKING: Petrol subsidy to bite harder as oil price rises to $112 a barrel — highest since 2011
Global oil prices pulled a surprise yesterday, trading above $110 a barrel amid supply disruptions following Russia’s invasion of Ukraine.
High oil prices mean more subsidy payments for the Nigerian government to sell petrol below the international market rate.
The development is coming even as the United States and other member states of the International Energy Agency (IEA) agreed to release 60 million barrels of oil reserves to tame rising prices.
Brent crude was trading up 7.80% to $112.70 per barrel — up nearly $8 per barrel from yesterday and the highest since February 2011.
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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