Crude Oil Price Crashes, Puts 2025 Fg Revenue Target In Jeopardy

Fuel price sets to go down Marketers

THE price of Bonny Light,Nigerias premium oil grade, yesterday, dropped by 5.09 percent to 59.62 per barrel in the global market at the backdrop of the on-going ripples created by the tariff war that has followed the series of tariff hikes announced by the United States of America early this week.

The oil price was also hit by the decision of the Organisation of Petroleum Exporting Countries OPEC and its allies to increase oil production by 411,000 barrels per day bpd in May, 2025.

Experts said the development would negatively impact the nations N54.99 trillion 2025 budget, which is based on oil price of 75 per barrel and 2.06 million barrels per day bpd.