The price of diesel has slumped to N195 per litre in spite of the fall in power output from the grid to 3583MW/hour. Power output has declined by 8.1% since March 31st. If this trend continues, the price of diesel could start climbing again with an impact on retail prices.
Meanwhile, oil has recovered 1.89% of its value and is currently trading at $54pb. This was largely attributed to lower expectations of US crude inventories.
The attached report summarizes the commodity price movements for this week.
Enjoy your read!