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Dangote refinery halts sales of petroleum products in naira

Dangote Refinery has suspended the sale of petroleum products in naira following the expiration of its contract with NNPCL in March. The $20bn refinery may now source crude in dollars and sell products in dollars, potentially driving up prices of petrol and diesel, weakening the naira, and fueling inflation.

Brent rose to $71.40pb

Brent futures gained 0.88% to $71.40pb due to a higher-than-expected fuel inventory drawdown in the U.S. and escalating tension in the gulf. Prices are expected to slide on OPEC+ output hike in April and the potential for a Russia-Ukraine ceasefire. The U.S. Fed kept rates at 4.25%-4.50%, forecasting two cuts in 2025. It revised downwards GDP growth projection to 1.7% and raised inflation to 2.7%, citing economic uncertainties from President Trump’s tariffs, painting a picture of stagflation.

The price of an Hamburger surged to N18,000

The price of hamburgers surged 134% (yoy) to N18,000 from N7,700, driven by soaring beef costs, which account for 40%-60% of total costs. Rising rental and facility expenses also fueled the price increase. We anticipate prices will stay high due to strong demand for hamburgers.

FDC’s M.D., Mr. Bismarck Rewane, and senior analyst Miriam Odey discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated, respectively.

Click the link below to watch the video.

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