Dear Subscriber,

Brent slipped to $63.94pb

Brent futures lost 1.24% to $63.94pb on expectations that OPEC+ will approve another 411,000bpd output hike for July at its May 31 meeting. Oil prices are expected to remain bearish, currently trading 14.7% below the 2025 budget benchmark of $75pb and 14.6% below the Q1’25 average ($74.97pb). This decline in oil prices could reduce Nigeria’s forex earnings and put pressure on the naira.

Price of a 12.5kg of cooking gas has declined to N16,250

The price of a 12.5kg cylinder of cooking gas dropped by 13.3%, from ₦18,750 in December 2024 to ₦16,250. Since the domestic price of cooking gas is a function of global natural gas prices and demand, falling global gas prices and lower demand will continue to sustain the downward trend.

FDC’s M.D., Mr. Bismarck Rewane, and analyst, Rosemary Adibe, 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!