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Brent dropped to $64.33pb

Brent futures declined by 0.89% to $64.33pb, pressured by reports of a potential OPEC+ production hike in July. Adding to the downward pressure was an unexpected build in U.S. crude inventories, according to EIA data released on Wednesday. In the near term, prices are expected to remain bearish amid concerns of a potential oversupply from both OPEC and non-OPEC members.

Dangote refinery dropped the petrol pump price to N875/litre

Dangote Refinery has reduced the pump price of PMS by 1.69% to ₦875 per litre, down from ₦890. This follows a ₦10 cut in its petrol gantry price to ₦825 per litre on May 12.

Price of a kilogram of chicken increased to N5,500

The price of a kilogram of chicken rose by 10% to ₦5,500 in November 2024, up from ₦5,000, driven by rising feed and logistics costs. Increased consumer demand further supported the price hike. In the near term, prices are expected to remain elevated, as substitutes are also facing similar upward price pressures.

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

Click the link to watch the video.

Enjoy your read!