#700/Litre": Fears of Petrol Price Increase Loom as Crude Oil Hits $92.79 Per Barrel
The development has caused panic in Nigeria among consumers who fear a petrol price increase
Pqconnect 
Crude oil price is currently hovering around $91.79 per Barrel in the international market Crude oil prices recorded an increase last weekend as OPEC members maintained oil outputs The development has caused panic in Nigeria among consumers who fear a petrol price increase
Th price of Nigeria’s Bonny Light rose to $92.79 per Barrel over the weekend from $90.88 recorded last Tuesday, September 5, 2023, as OPEC members extended output cuts in the market. Russia continued its voluntary crude oil export drop by 300,000 barrels per day until December 2023, while Saudi Arabia extended its one million daily supply cut into October 2023 to enhance stability.
Reports say Goldman Sachs Commodity Research predicted on Saturday, September 9, 2023, that crude oil supply cuts could lead to prices hitting $107 per Barrel next year. Energy policy analysts said Nigerians and other oil-producing countries should expect further price increases as oil inventories have shrunk drastically in the US.
OPEC identified Nigeria as the most minor refining member, with an average equivalent of 10,600 barrels per day in five years.
