Crude oil now $32.79 per barrel- NNPC

The Nigerian National Petroleum Corporation has revealed that Nigeria's crude oil price currently stands at $32.79 per barrel.

These figures were made public by the Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari on Channels Television this morning.

According to Kyari, the new price is an improvement from last week's drop of $15 dollars per barrel and he expressed optimism in a rise in demand.

Expressing his thoughts about the fuel subsidy that the Federal Government vowed to eradicate, he said the elites are the only beneficiaries of the process. He also noted that state oil firm just realised that they cannot continue this in the long term.

"I think it is the realisation that we should not be doing this in the long term. There is a desire to deliver on infrastructure and medical resources, as proposed by President Major General Muhammadu Buhari. You can't do this in an unbalanced environment that supports consumption other than production," the NNPC chief said.

However, he noted that it was imperative that the decision is taken no matter how long the matter has been dragging.