Latest stories tagged “oil prices”
The naira has stabilised at N1,370.19 per USD, attributed to the Central Bank of Nigeria's (CBN) intervention which has reduced volatility in the currency market. This stability is further supported by rising global oil prices, which are seen as promising for Nigeria's economy.
South Africa's financial markets are showing signs of recovery following recent geopolitical tensions, with important insights into the effects of oil prices and currency fluctuations on investments. This rebound indicates a positive trend for investors looking to navigate the changing economic landscape.
The Kenya Times reports on the recent leadership change at the Nairobi Securities Exchange (NSE) following the exit of Chairman Kittony, with Tom Mulwa set to take over. Additionally, the article discusses why Kenyans have not yet seen benefits from the decline in global oil prices, as highlighted by the Energy and Petroleum Regulatory Authority (EPRA).
The Energy and Petroleum Regulatory Authority (EPRA) has stated that motorists in Kenya will have to wait 30 to 45 days for the recent decline in global oil prices to be reflected in local pump prices. EPRA Petroleum and Gas Director Edward Kinyua noted that global fuel prices are influenced by geopolitical events, citing the recent Middle East crisis as a factor that increased fuel costs.
Dangote Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) by N200 per litre within a month, indicating that the refinery has absorbed the recent surge in global oil prices. This marks another instance of price cuts from the refinery, suggesting a trend towards further moderation in fuel prices, according to Premium Times Business.
Global oil prices have stabilized around $75 as markets shift from concerns about potential supply shortages to worries about oversupply. Analysts caution that geopolitical risks may continue to keep oil prices elevated, particularly in light of ongoing developments related to a peace deal with Iran.
Global oil prices have decreased to levels not seen since before the US-Iran war, leading to expectations for lower petrol prices, according to Daily Trust. Despite this drop, fuel prices in Nigeria continue to exceed N1,000, raising concerns about the slow transmission of global market changes to local consumers and businesses.
On June 24, President Donald Trump expressed approval of Iran's compliance with U.S. demands during a closed-door meeting with Senate Republicans. He noted that recent progress in negotiations with Tehran has contributed to easing tensions and has had a positive impact on oil prices. Trump's comments come after months of discussions between the two nations.
According to Al Jazeera, ships have resumed movement through the Strait of Hormuz, leading to a decrease in oil prices. However, it may take longer for consumers to experience relief from the effects of the crisis.
Analysts suggest that there may be relief in fuel prices as Brent crude oil prices have recently dropped significantly to approximately 73 dollars per barrel. This decline in oil prices could potentially lead to lower fuel costs for consumers.
Oil prices fell sharply on Thursday, reaching their lowest levels since the onset of the US-Iran conflict, following an interim agreement between the United States and Iran that alleviated concerns over global crude supply. According to Reuters, Brent crude futures decreased by $1.53.
Oil prices fell sharply on Thursday, reaching their lowest levels since the onset of the US-Iran conflict, following an interim agreement between the United States and Iran that alleviated concerns over global crude supply. According to Reuters, Brent crude futures decreased by $1.53.