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Brent fell by 2.16% to $79.67pb on bearish market sentiments

Brent slipped by 0.74% to $80.83pb, as Goldman Sachs and Morgan Stanley lowered its oil price outlook to below $80pb in 2025, on the expectation that global supplies will increase. This is coming after OPEC+ announced plans to increase oil supply in the Q4 2024. Also, sluggish economic activities in China and low oil demand have contributed to the declining price trend.

Average price of kerosene spiked by 13.81% in July to N1,769.86/litre

The average price of household kerosene (HHK) rose by 13.81% in July to N1,769.86/litre, from N1,555.11/litre in June. This sharp increase is mainly attributed to the depreciation of the naira and disruption to supply chains. The production of kerosene by Dangote refinery is expected to stabilize supply, quality, and price.

FDC’s Manager, Dr. Ifeoma Nwokolo, and analyst Oluwaseun Lawal discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes respectively.

Click the link to watch the video.

Enjoy your read!