Abuja - The increase of crude oil in the international market has fueled fears that the price of Premium Motor Spirit, also known as petrol, is set to increase again in Nigeria, Vanguard reports.
The price of Brent, the bench mark crude oil, rose to 48.89 dollars a barrel from 45.52 dollars.
Also read: No going back on fuel deregulation - FG
According to Punch, the Minister of State for Petroleum Resources, Ibe Kachikwu, said that the country's production of crude oil has fallen by 40 per cent to 1.4 million barrels per day, due to militant attacks on oil pipelines. The Federal Government also disclosed that it had no choice but to liberalise the price of petrol.
The government has previously stated that it removed the petrol subsidy as it was putting a strain on the economy, and that the removal would create approximately 200,000 new jobs.
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- News 24