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Brent declined to $69.68pb on Trump’s sweeping tariffs

Brent futures plunged by 7.03% to $69.73pb as US President, Donald Trump, imposed a 10% baseline tariff on all imports into the US and higher tariffs on about 60 countries. In response, China and the EU plan to retaliate, raising concerns about a global slowdown. This could weaken oil demand and further reduce prices.

Pump price of PMS climbed to N930/litre

The pump price of PMS spiked by 8.14% to ₦930/litre on March 30 from ₦860/litre, after Dangote Refinery suspended sales of petroleum products in naira. This could further push up commodity prices and stoke inflation. However, with the newly appointed NNPCL board, we expect negotiations on the crude-for-naira deal to commence, which could help lower petrol prices.

The price of a 50kg bag of rice declined to N90,000

The price of a 50kg bag of long-grain rice fell by 35% to N90,000 in March from N140,000 in October 2024, driven by surplus stocks and low post-festive demand. Prices are expected to remain low as India resumes exports and improved supply from Asia and the U.S.

FDC’s manager, Dumebi Oluwole, and analyst Toju Meggison discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated, respectively.

Click the link below to watch the video.

Enjoy your read!