OIL PRICES TODAY
MONDAY – Brent Crude Oil: $63.37/BL (Up 0.13%) | Light Crude Oil: $54.11/BL (Up 0.22%) | Natural Gas: $2.33/MMBtu (Up -0.30%)
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Facts & Figures
$20
per barrel
Cost of producing crude oil in Nigeria. Down from $24 but still $5 above target. It costs averagely $10 in Saudi Arabia.
N170
PMS landing cost
Landing cost of petrol is N170 per litre while regulated pump price is N145 per litre.
N650bn
subsidy arrears
Amount owed to marketers by the federal government, according to DAPPMAN and MOMAN
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Learn Oil and Gas
with Animations
Oil and gas are generated from a source rock, organic matter buried in the depths of the earth. Once formed, they climb back towards the surface. On their way, cap rocks can impede their progress and they accumulate in reservoir rocks.
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