Nigeria is projected to have lost over N160 billion in deferred revenue to a cut in the daily crude oil production by members of the Organisation of Petroleum Exporting Countries (OPEC) in May, THISDAY has learnt. However, the impact on gross receipts may be reduced as the country is expected to close the revenue gap with a substantial increase in the international price of the product, which averaged $37 as of yesterday, following the relaxation of lockdowns by countries. This is coming as the Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a new pump price band of N121.50 to N123.50 per litre for petrol to reflect the market dynamics in line with the government’s deregulation policy. OPEC+ had agreed to reduce their overall crude oil production by 9.7 million barrels per day, starting May 1, for an initial period of two months that will end on […]