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Brent price softens on tepid Chinese demand and easing geopolitical tension 

The price of Brent fell by 0.15% to $77.78pb on Tuesday, driven by demand concerns as Chinese data indicated a slowdown in fuel consumption. The price decline was also influenced by reduced geopolitical risk after Israel agreed to a U.S.-proposed ceasefire in Gaza. In the near term, oil prices will likely remain volatile amid demand and supply concerns.

Long queues at filling stations amid fuel scarcity

Fuel pump prices have soared to N1,000 per liter, due to distribution challenges. As a result long queues at filling stations have erupted, disrupting commercial activities. This has led to sharp increases in transportation fares and commodity prices, exacerbating the cost of living crisis. Additionally, the Finance Minister announced the sale of crude oil in naira to Dangote refinery and other domestic refineries beginning October 1, which is expected to boost the supply of PMS in the country.

FDC’s MD, Mr. Bismarck Rewane discussed these and other burning economic issues on Channels TV Business Morning.

Click the link to watch the video.

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