Landing Cost Of Diesel Hits N1,120.22/L, Aviation Fuel N1,089.87/L

The landing cost of diesel (AGO) to Nigeria has reached N1,120.22 per litre while that of aviation fuel (JetA1) has hit N1,089.87 per litre.

These were contained in a Competence Centre energy bulletin of the Major Oil Marketers Association of Nigeria (MEMAN) released yesterday.

It also listed the stock market prices of some companies as: Conoil, N144.00; Eterna N19.90; Geregu N1,000.00; MRS N132.70; Oando, N43.50; Seplat N3,730.10; Total, N511.90 and Transpower, N372.40.

Meanwhile, CNBC reported that the U.S. crude oil futures increased nearly 2% yesterday as the Federal Reserve indicated interest rate cuts are coming.

It, however, noted that prices are on pace for a weekly loss as slowing demand in China weighs on the market.

Fed Chairman, Jerome Powell, said the “time has come for policy to adjust” as inflation has declined significantly. Lower interest rates typically stimulate economic growth, which boosts oil demand.

But oil prices are still down for the week, with the U.S. benchmark falling 3% and global benchmark Brent pulling back 1.6%.