As the Federal Government grapples with how to salvage the economy, the continued sliding of the price of crude oil may require that its effort should be intensified.
Indeed, Nigeria’s Bonny Light crude oil hit its lowest level at $31.49 a barrel at the weekend due to global crude oil glut at the international market.
The price of Organisation of Petroleum Exporting Countries (OPEC) basket of 12 crudes stood at $31.49 a barrel compared with $32.28 it earlier recorded.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
But to ease the fuel crisis in the country, the Federal Government has directed the Pipelines and Products Marketing Company (PPMC) and Petroleum Products Pricing Regulatory Agency (PPPRA) to embark on renewed special supply intervention measures to ensure a countrywide availability of petroleum products ahead of the Yuletide and beyond.