Dear Subscriber,

Brent slipped to $69.45pb

Brent futures slipped by 0.19% to $69.45 per barrel after OPEC+ announced a larger-than-expected output hike to 548,000 bpd for August, representing a 33.3% increase from the previously planned 411,000 bpd. The move dampened market sentiment, signaling a more aggressive supply stance by the alliance.

In Nigeria, Dangote Refinery has reduced the pump price of PMS by 4.32% to ₦885/litre from N925/litre, reflecting the recent decline in global oil prices.

The price of diesel increased to N1,090/litre

The price of diesel has surged by 11% to N1,090/litre since June 2025, driven by rising global crude oil prices, PMS prices have declined in response to a drop in global oil prices, although domestic diesel costs remain elevated due to the sale of older stock. A downward price adjustment is expected in the coming weeks as fresh crude oil supplies enter the market.

FDC’s Senior Associate, Research, Halimah Adediran, and Economic Associate, Ajibola Ayodeji, 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!