The international oil benchmark, Brent crude, climbed above $85 per barrel on Thirsday, surging the landing cost for Premium Motor Spirit (PMS) in Nigeria. Platforms Africa reports that Nigeria, Africa’s biggest crude oil exporter ironically doubles as the biggest importer of refined products due to inefficient refineries. Thr high oil price was caused by tight supply and easing concerns about the potential impact of Omicron coronavirus variant on demand. Brent, against which Nigeria’s crude oil is priced, rose by $1.42 to $85.14 per barrel as of 7.00pm Nigerian time on…
Read MoreOil Price Surges Pass $85pb, Worsens Nigeria’s Fuel Landing Cost Hike
