{"id":122150,"date":"2024-10-16T15:10:31","date_gmt":"2024-10-16T15:10:31","guid":{"rendered":"https:\/\/fdcng.com\/?p=122150"},"modified":"2024-10-16T15:12:19","modified_gmt":"2024-10-16T15:12:19","slug":"fdc-commodity-update-october-16-2024","status":"publish","type":"post","link":"https:\/\/fdcng.com\/fdc-commodity-update-october-16-2024\/","title":{"rendered":"FDC COMMODITY UPDATE – October 16, 2024"},"content":{"rendered":"

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DOWNLOAD PDF<\/a><\/div> [\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Dear Subscriber,<\/p>\n

Brent lost 4.30% to $74.13pb as Israel refrained from attacking Iran<\/em><\/strong><\/p>\n

Brent futures dropped 4.30% to $74.13pb as Israel weighed a U.S. warning against targeting Iran\u2019s oil infrastructure. Prices were also pressured by the IEA\u2019s third consecutive downward revision of demand forecasts. Meanwhile, Nigeria\u2019s oil production declined by 2.22% to 1.32 mbpd in September, the first decline in six months. Lower oil prices heighten short-term currency and inflation risks. On the expectations of stable global oil supply, we expect oil prices to remain bearish in the near term.<\/p>\n

The average retail price of diesel increased by 64.58% to N1,406.05\/litre in August<\/em><\/strong><\/p>\n

In August 2024, diesel prices surged 64.58% to N1,406.05\/litre from N852.34\/litre (yoy), driven by higher import costs from the naira\u2019s 43% depreciation. The sharp increase has worsened transportation costs, fueling food inflation (37.77% as of September). However, barring any shocks to production, the Dangote Refinery\u2019s diesel production may support prices toward N1,050\/litre by December.<\/p>\n

FDC\u2019s managers, Dr. Ifeoma Nwokolo and Terver Kumeka, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes, respectively.<\/p>\n

Click the link to watch the video.<\/p>\n

Enjoy your read![\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Dear Subscriber, Brent lost 4.30% to $74.13pb as Israel refrained from attacking Iran Brent futures dropped 4.30% to $74.13pb as…<\/p>\n","protected":false},"author":11,"featured_media":122148,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,110],"tags":[],"_links":{"self":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts\/122150"}],"collection":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/comments?post=122150"}],"version-history":[{"count":1,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts\/122150\/revisions"}],"predecessor-version":[{"id":122151,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts\/122150\/revisions\/122151"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/media\/122148"}],"wp:attachment":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/media?parent=122150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/categories?post=122150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/tags?post=122150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}