The cost of diesel (AGO) in Nigeria has skyrocketed to N1,120.22 per litre, while aviation fuel (JetA1) has surged to N1,089.87 per litre, according to a recent bulletin by the Major Oil Marketers Association of Nigeria (MEMAN).
Furthermore, the bulletin indicates the current stock market prices of various companies including Conoil at N144.00, Eterna at N19.90, Geregu at N1,000.00, MRS at N132.70, Oando at N43.50, Seplat at N3,730.10, Total at N511.90, and Transpower at N372.40.
Meanwhile, CNBC has reported a nearly 2% increase in U.S. crude oil futures as the Federal Reserve hints at upcoming interest rate cuts. This positive news, however, contrasts with the fact that oil prices are on track for a weekly loss due to slowing demand in China.
Fed Chairman, Jerome Powell, asserts that policy adjustment is now necessary as inflation has significantly declined. The expected decrease in interest rates is anticipated to stimulate economic growth, thereby boosting oil demand.
Despite this, oil prices have experienced a decrease this week, with the U.S. benchmark falling by 3% and the global benchmark Brent pulling back by 1.6%.
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