The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples stood at $123.21 per barrel Thursday.
U.S. President Joe Biden announced plans to release 180 million barrels of oil from its strategic reserve.
Oil prices gained for a second day on Thursday after drawdowns in U.S. inventories.
Human rights sanctions on China imposed by the U.S., Europe, and Britain prompted retaliatory sanctions from Beijing and added to market concerns.
U.S. West Texas Intermediate (WTI) crude fell 18 cents, or 0.3 percent, to $60.46 a barrel.
The minister said: “The more revenue we realise out of the budget, the less we borrow.
The Nigerian leader said fuel would continue to sell at high rates, ignoring the diminishing purchasing power of citizens.
