[FILE] A customer waits for a container to be filled with fuel at a Nigerian National Petroleum Company Ltd. gas station in Lagos, Nigeria, on Wednesday, Aug. 23, 2023. Gasoline prices have more than tripled since the subsidies were abolished on May 29, exacerbating a cost-of-living crisis in Africa’s biggest economy.
Although Nigeria should be enjoying windfall from oil price, which rose to about a 10-month high, selling at $92.28 a barrel, the inability to refine locally and increase production output has not helped matters. “Crude prices are rallying after the OPEC’s monthly report showed the oil market is going to be a lot tighter than initially thought,” Edward Moya, senior market analyst at data and analytics firm, OANDA, said.
Source: Car News Wire (carnewswire.net)
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