Amid Import of Adulterated Fuel Row in Nigeria, Oil Price Nears $100 Per Barrel

Amid Import of Adulterated Fuel Row in Nigeria, Oil Price Nears $100 Per Barrel

  • Nigerians, yet to recover from the importation of bad fuel into the country may have to pay more as the price of crude oil has risen above $90 per barrel
  • The price rose on Friday as fears mount that Russia may invade Ukraine and the US asking its troops to pull out of Ukraine
  • US officials says that Russia invasion of Ukraine may be imminent as it massed troops on the border with Ukraine

As Nigerians are reeling from a destructive fuel purported imported from Belgium, and the Nigeria National Petroleum Corporation and independent oil marketers trade blame, the price of crude oil is inching close to $100 per barrel.

This has thrown up anxiety that Nigerians who have been battling fuel scarcity caused by an adulterated product may have to pay more have to refill their cars as the country imports refined petroleum products.

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The price of petrol may jump
The price of petrol may jump Credit: RunPhoto
Source: Getty Images

The price of oil jumped on Friday, February 11, 2022, as tensions between Ukraine and Russia escalates.

Tension at Ukraine border may push the price of crude further

CNBC reported that with about two close into the closing of trading on Friday, US National Security Adviser, Jake Sullivan said during a White House briefing that there are strong indications of escalation at the Ukraine border and that Russia could invade Ukraine during the Winter Olympics, irrespective of contrary speculation.

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Sullivan said the US continues to see signs of Russian escalation, including new forces arriving at the Ukrainian border. He said the US is in the window where an invasion could happen at any time.

He noted that the US is not sure Russian President, Vladimir Putin has made a final decision to invade Ukraine but said an invasion may be imminent.

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According to the US West Texas Intermediate futures, the US oil benchmark rose more than 5 per cent to hit $94.66 per barrel, the highest level since September 30, 2014, before Muhammadu Buhari became Nigeria’s president.

The contraction eased a little into the close, ending the day at 3.58 per cent higher at $93.10 per barrel.

International Benchmark crude rose 3.3 per cent to settle at $94.44 per barrel after it topped $95 at some point.

MRS Fingers NNPC Over Bad Fuel in Circulation reported that The management of MRS Oil Nigeria Plc has cleared the air on how the Nigeria Petroleum Corporation brought bad fuel into the country which is causing scarcity and an increase in the cost of transportation.

MRS also dissociated itself from reports making the rounds on social media that it is responsible for the contaminated product in Nigeria and the company is a responsible corporate citizen who will not go out of its way to harm other citizens.

According to MRS, the NNPC is the sole importer of PMS into Nigeria and the NNPC, through their trading arm, Duke Oil, supplied a cargo of PMS bought from an International trader. Litsaco and delivered it with Motor Tanker (MT) Nord Gainer.


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