Budget: FG To Retain $30 Benchmark Despite Oil Price Drop   The Federal Government is not considering tinkering with the $30 per barrel oil price benchmark for the 2020 budget despite the drop in crude oil price, investigations have revealed. Crude oil prices had dropped from about...

Oil Price Drops To $27 Amid Demand Collapse     The international oil benchmark, Brent crude, slumped to $27 per barrel as traders were concerned that plans for the biggest production cuts in history would fail to offset the deepest fall in demand in 25 years. The US...

Nigeria, Others Lose $500m Daily To Oil Price Crash   With the steep fall in crude oil prices this week, Nigeria and other members of the Organisation of Petroleum Exporting Countries are bleeding over $500m a day in lost revenue, according to Reuters’ calculations. Saudi Arabia launched...

Oil Price Rises Above Nigeria’s $57 Budget Benchmark   The international oil benchmark, Brent crude, rose on Wednesday, gaining a seventh straight day amid broad optimism as new coronavirus cases fell for a second day in China. This is coming as concerns rose over supply after the...

Petrol Subsidy Now N47.5/litre As Oil Price Hits $67.86   The subsidy on Premium Motor Spirit, popularly known as petrol, has risen to N47.5 per litre as the expected open market price of the commodity hit N180.78 on Monday, latest data from the Petroleum Products Pricing...

Falling Oil Price Won't Change Our Production, NNPC Assures Nigeria will not alter the production adjustments agreed upon between Organisation of Petroleum Exporting Countries and Non-OPEC countries despite recent volatility in global oil prices, the Nigerian National Petroleum Corporation has said. Members of OPEC and non-OPEC...