Except Nigeria finds new buyers, the plan to ban petrol and diesel vehicle sales by the United Kingdom government will threaten the country’s market share of crude oil.
According to the Punch, UK imports Nigeria’s crude oil, which is a major revenue earner for the country.
Imports from OPEC countries, especially from Algeria and Nigeria, reportedly stood at 22 per cent of the UK’s crude import in 2018.
Prime Minister Boris Johnson on Wednesday had announced that new cars and vans powered wholly by petrol and diesel would not be sold in the UK from 2030
As reported by BBC, Boris said the move was part of a green industrial revolution to tackle climate change and create jobs in industries such as nuclear energy. But some hybrids would still be allowed, he confirmed.
It is part of what Mr Johnson calls a “green industrial revolution” to tackle climate change and create jobs in industries such as nuclear energy.
Critics say the £4 billion allocated to implement the 10-point plan is far too small for the scale of the challenge.
The total amount of new money announced in the package is a 25th of the projected £100 billion cost of high-speed rail, HS2.
As of November 2, the price of Brent crude dropped by 3.43 per cent to $36.64 per barrel after some European countries imposed another round of lockdown to slow the spread of COVID-19.