The global crash in crude oil prices has put Nigeria’s 2025 budget under more threat, even as fuel marketers await a possible reduction in the prices of petroleum products.
According to experts who spoke with our correspondent, the crude oil crash occasioned by the tariffs imposed on countries by United States President, Donald Trump, has both positive and negative impacts on the Nigerian economy.
While the Federal Government will be counting losses due to its inability to make enough revenue from crude oil, the masses will enjoy cheaper fuel at the pumps.
Our correspondent reports that crude oil started declining over the weekend, slumping to $65 per barrel as of Saturday.
On Monday, the prices slumped further as Brent stood at $64.16 while the US WTI went down to $60.73.
According to oilprice.com, the combined effect of Trump’s import tariffs, OPEC+’s inopportune decision to speed up the unwinding of production cuts, and China’s retaliatory actions wiped off $10 per barrel from global oil prices, “with ICE Brent falling below $65 per barrel for the first time since August 2021.”
