Crude oil prices rose above $100 per barrel on Sunday, reaching $101.16/barrel after trading around $98/barrel since Tuesday, as oil marketers in Nigeria maintained a higher-than-approved pump price for Premium Motor Spirit, also known as petrol.
According to industry data released on Sunday, Brent, the international benchmark for crude, rose $2.06, or 2.08 percent, to close at $101.16 per barrel at 6.36 p.m. Nigerian time.
Brent fell below $100 per barrel the day before on Wednesday.
According to the report, Brent fell by $7.72, or 7.21 percent, to close at $99.38 per barrel at 7.45 p.m. Nigerian time last Tuesday, a trend that continued for the majority of the week.
The fluctuations in oil price came as latest figures released by the Organisation of Petroleum Exporting Countries showed an increase in Nigeria’s oil production from 1.024 million barrels per day to 1.158mb/d.
The OPEC Monthly Oil Market Report for July 2022 showed that Nigeria’s oil production increased by 134 million barrels per day in June 2022, according to crude oil production data obtained by OPEC from direct communication.
The report stated that Nigeria’s oil production in May 2022 was 1.024mb/d, but this moved up to 1.158mb/d in June.
However, figures from OPEC showed that the country had produced more crude oil in April this year, as its output at the time was 1.219mb/d.
The appreciation in crude oil price on Sunday and fluctuations in Nigeria’s oil production came as oil marketers across the country maintained the hike in the pump prices of petrol at filling stations.