3rd Sept. 2024:
NNPCL hiked Oil Price to N897per litre, when;
1. Exchange rate was $1/N1,595.07
2. OPEC weekly average International Oil Price was $78.94 per barrel.

9th Oct. 2024:
NNPCL Hikes Oil Price to N1,030 per litre, when;
3. Exchange rate is $1/N1,590.69
4. OPEC weekly average International Oil Price $78.38 per barrel.

Meaning:
i) Naira has appreciated by 0.28% over the period
ii) International Oil Price has dropped by approximately $0.56 per barrel

More so, International Oil Prices of WTI and Brent have dropped, within the last 24 hours, by 3.05% and 3.18% respectively.

The Question To NNPCL/FGN:
What Is The Basis For The Price Hike?

Abdulrazaq Ibrahim, PhD