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Brent gained 1.51% to $70.51pb on OPEC+ output hike reversal

Brent futures rose 1.51% to $70.51pb, recovering from multi-year lows of $68pb as OPEC+ considers adjusting its planned output hike after April. However, bearish sentiment persists due to a potential Russia-Ukraine peace deal and the suspension of U.S. tariffs on Canada and Mexico until April 2. This will keep oil prices significantly below Nigeria’s benchmark of $75pb, which will reduce revenue, leading to severe fiscal implications.

Mango prices stable inspite of Ramadan

The price of 1.5kg of mango has remained stable at ₦500 (yoy), driven by early harvest and limited supply. However, as peak harvest season approaches, an increase in supply is expected, leading to a price decline. Additionally, reduced diesel and petrol prices will lower transportation and logistics costs, further supporting the anticipated price reduction in the short term.

FDC’s Manager, Dr. Ifeoma Nwokolo, and senior analyst Tomiwa Ajewole, 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!