Nigeria earns N1.7 trillion from crude oil export in Q2

• Spends N296 billion to import petrol
• Oil production decreases by 51,000bpd
Despite calls for diversification of Nigeria’s revenue base to other sectors like manufacturing and agriculture, oil and gas accounted for 92.9 per cent of the country’s export earnings during the second quarter of 2016.
Specifically, out of the N1.872 trillion of

WHY THE PRICE OF PREMIUM MOTOR SPIRIT ( PETROL) WILL NOT REDUCE EVEN IN THE LONG RUN

By Kuranga Abdulazeez

According to previous research on crude oil extraction in Nigeria, 40% of the extracted crude is locally refined as up to 60% is exported to be imported back in its refined form. The marketers are the major players in the importation activities. Imported fuel comes at a very high cost which causes marketers to shift part of the burden to the consumers in form of high prices. Being a valuable product and a 'necessity', government cannot leave consumers to bear the full burden of the high price directly. Therefore,