Fuel queues yet to disappear in Abuja, states ...Oil price rises above $65 per barrel

Although the long queues of motorists have reduced considerably in Abuja and other neighbouring states, the fuel situation is yet to normalise as at yesterday, Daily Trust can report.

This is despite the directive by the Federal Executive Council to the Minister of Petroleum Resources, Dr Ibe Kachukwu to end the scarcity by weekend.

Yesterday, our reporter observed that there were still lines of vehicles waiting to buy the Premium Motor Spirit in and around the Federal Capital Territory even as hawkers traded it freely in jerry cans.

The Nigerian National Petroleum Corporation (NNPC) assured Monday that supply of the product was increasing and that the situation would normalise during the week.

Meanwhile, Brent crude oil prices jumped above $65 per barrel after the shutdown of the Forties North Sea pipeline knocked out significant supplies from a market that was already tightening due to OPEC-led production cuts.

Brent crude futures on Tuesday, the international benchmark for oil prices, were at $65.07 dollars a barrel.

U.S. West Texas Intermediate (WTI) crude futures were at 58.21 dollars a barrel.

Britain’s Forties oil pipeline, the country’s largest at a capacity of 450,000 barrels per day (bpd), shut down on Monday after cracks were revealed.