THE execution of Nigeria’s 2019 budget will likely encounter a serious threat as the price of Bonny Light, the nation’s premium oil grade, yesterday, hovered at $52.72 per barrel in the international market.
The price, which had dropped to as low as $48 last week, before hovering at the current level, showed $7.28 below the $60.00 per barrel benchmark price of the budget.
Specifically, while the price of Bonny Light stood at $52.72, others – Brent, West Texas Intermediate, WTI, OPEC Basket, Lousiana Light, Mexican Basket and Urals – stood at $53.21, $45.33, $53.92, $48.98, $45.18 and $49.80 per barrel respectively.
Commenting on the budget, Director-General, Lagos Chamber of Commerce and Industry, LCCI, Mr. Muda Yusuf, disclosed that: “Data from the Organisation of Petroleum Exporting Countries, OPEC, shows that oil prices are trending down at $54 p/bl on December 22, 2018 from its peak of $88p/bl in the month of September and October 2018.
Vanguard, January 1, 2019