The international oil benchmark, Brent Crude, was less than 30 cents from hitting $70 amid market optimism on the United States and Europe reopening.

The benchmark had gained $0.83, to trade at $69.71 as of 2:44 pm on Wednesday, Nigerian time, according to data from Oilprice.com.

The Nigerian National Petroleum Corporation had stated that it paid an estimated N100bn in petroleum subsidies monthly.

It later said that it would be withholding N112bn from April Federal Account Allocation Committee payments to cover subsidy on petroleum imports.

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