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Crude oil prices have risen in the last two months, going from $74 to $91.72 per barrel between December 2021 and January 2022. Although there were a few dips in prices within the period, crude prices increased by 23.9% between the last month of 2021 and the first month of the year.
...the price per barrel of crude oil dropped from N50,036 in July 2022 to N38,606 in January 2023, representing a 22.84 percent decrease.
For weeks (in some places for months), there has been a scarcity of petrol across the country. The scarcity has heralded long queues at filling stations, and many stations are selling at prices that are way higher than the official pump price per litre. In many parts of the country, petrol is sold for as high as N250 per litre as opposed to the official rate of N165.
The price of crude oil as of 7th February stood at $93.27, its highest point in seven years.
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For Today’ Numbers to Ponder, the National Bureau of Statistics has reported over 80 million Nigerians live in extreme poverty. Another unfavourable report – Nigeria ranked 115 out of 180 countries in the World Press Freedom Index. This signals Nigeria is not safe to practice accountability journalism.
