According to a report from the National Bureau of Statistics (NBS), the cost of main petroleum products like kerosene, diesel, and Premium Motor Spirit (PMS) all increased in general in January 2023. In particular, the research demonstrated that the cost of PMS increased by 24.70% month-on-month rising from N206.19 in December 2022 to N257.12 in January 2023.
March 17, 2023
Nigeria Economic Update (Issue 7)
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Nigeria Economic Update (Issue 30)
Recent media highlights suggest that there is a prospective decrease in Nigerias budgetary benchmark crude oil production. Precisely, the 1.8 million barrels per day proposed at the Joint OPEC and Non-OPEC Ministerial Monitoring Committee (JMMC) meeting, is 18.2 percent lower than the budgetary production benchmark of 2.2 million barrels per day. This followed OPECs recent review to include Nigeria in the ongoing production cut agreement amid concerns of global oil market oversupply, given the constant production increase from Nigeria over the last few months.