Brent futures rise 2.78% to $102.72pb
Brent futures rose by 2.78% to $102.72pb, driven by Iran’s denial that it is in talks with the U.S. to end the Gulf conflict. This rebound follows a sharp 15% intra-day decline on Monday, when prices fell to $97.27pb from a peak of $114.04pb.
In Nigeria, PMS and diesel prices remained high at N1,332/litre and N1,830/litre respectively. This sharp increase has significantly raised transportation and logistics costs, resulting in higher domestic commodity prices.
Jet fuel prices soar 105% to N2,500/litre in one month
Jet fuel prices surged by 105% to $197pb from $96.10pb in February, driven by supply disruptions in the Strait of Hormuz. In Nigeria, prices jumped 177% to ₦2,500 per litre from ₦903/litre, raising the possibility of higher airfares in the near term. Nigerian airlines are already being accused of price gouging on the domestic routes.
FDC’s MD, Mr. Bismarck Rewane, and analyst Onyeluka Emefiene discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated, respectively.