Petrol price may increase as Brent stabilises around $35/barrel

Brent, the oil against which Nigeria’s crude is priced, has hovered around $35 per barrel for about one week, raising concerns of a possible hike in petrol price in Nigeria any time soon.

An analysis of global oil trading rates on Monday showed that Brent crude traded at $35.61 per barrel.

Further findings showed that the commodity appreciated by $0.48 when compared to the previous day’s rate, although crude oil in the Organisation of Petroleum Exporting Countries basket maintained a flat rate of $28.43 per barrel on Monday.

However, global oil figures showed that Brent Weighted Average in the past four days was higher than the commodity’s rate on Monday, as the BWA was put at $36.32 per barrel.

This represented a 2.34 per cent rise in price, indicating a positive movement in the commodity’s cost as more countries begin a gradual relaxing of the COVID-19 lockdown across the globe. Copyright PUNCH.

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