Timipre Sylva, minister of state for petroleum resources, has expressed that the increase in prices of global crude oil is not good for the country.
Speaking on the rising crude oil prices in an interview with Bloomberg Television, Sylva stated that that Nigeria’s comfort zone in terms of oil prices was between $70 and $80 per barrel.
On Thursday, the global oil benchmark, Brent crude, rose over 5 percent to trade at $102.27 a barrel with escalating tensions between Russia and Ukraine.
The minister stated that Nigeria was not gaining anything from the soaring prices.
“I’m hopeful the prices will move around, maybe $80, maybe $70. We are hoping it will come down to somewhere around $70 to $80, which will be sustainable for us to the end of the year,” he said.
