The price of Nigeria’s Bonny Light on Tuesday dropped to $62.05 per barrel from $64.50 in the international market following the reopening of the Suez Canal for business.
The blockage of the canal by a container vessel for over one week had halted the free shipment of goods, especially crude oil around the world, thus causing prices of many crudes, including Bonny Light and Brent to rise to $64.50, and $65.30 per barrel respectively.
Traders said prices may likely continue to dip, not only because of the reopening of the Canal, but also as a result of the resurgence of the coronavirus pandemic in the United States and other economies.
Despite the price drop, Nigeria’s 2021 fiscal plan would not be adversely affected as the budget was benchmarked on $40 per barrel, and 1.8 per barrel output, including Condensate.
