prices

Imagine starting every day knowing that your nation is one of the powerhouses of oil production in Africa. Nigeria, for instance, has always held a pivotal role in this delicate dance of numbers and barrels. Just in March, Nigeria's oil production averaged about 1.40 million barrels per day (mbpd). If we flip back a page to the previous month, February, there was a slight uptick, with production averaging 1.465 million barrels per day. Interesting how these small fluctuations can tell a story, isn’t it?…

Ivory Coast and Cocoa Prices Amidst U.S. Tariff Proposals Imagine walking through the bustling streets of Abidjan, where the air is rich with the earthy aroma of cocoa—a scent that hints at its significance to the nation. Ivory Coast, often acclaimed as the world's largest cocoa producer, stands at a crossroads. Recent geopolitical developments have added layers of complexity to an already intricate web of international trade. The present situation stirs up a notable question: What…

In an ever-evolving business landscape, small adjustments can ripple through entire industries. On a rather bright Thursday morning, a notable update filtered into the emails of those closely watching Nigeria’s petroleum sector. The Dangote Refinery, a cornerstone of the country's energy structure, announced a subtle yet intriguing shift in its pricing structure. The ex-depot price, sometimes referred to as the gantry price, has been lowered to N865 per litre, a small but noteworthy decrease of N15 from just the previous…

Navigating the Undulating Terrain of Nigeria's Oil Market Last week marked a significant shift in global oil prices, as crude oil saw its value tumble to depths not seen since 2021. Was it former President Trump's imposing import tariffs that sparked this? Perhaps it was the unexpected increase in oil supply by OPEC+ that sent ripples through the market, slicing a hefty $10 from global benchmarks per barrel. And suddenly, by Friday, the crude oil prices had plummeted to $65 a barrel. For many, this…

On the horizon, South Africans face yet another financial challenge. With already precarious economic conditions, the impending electricity price increase of 12.7% slated for April 1, 2025—dubbed "Fossil Fools' Day" by the environmental group Earthlife Africa—has sent shockwaves through households already struggling to make ends meet. When combined with the anticipated 0.5% hike in VAT, families will be forced to grapple with excruciating choices: Should they pay for electricity or for essentials like food and medicine?…

Imagine living in a country where filling up your car's tank doesn't cost more than a handful of coins. In several African countries, this is not a distant dream but a refreshing reality. The benefits of low fuel prices are multifaceted, deeply entrenched in both economic stability and social wellbeing. Have you ever wondered how access to affordable gasoline could transform the daily narrative? Here's a detailed exploration into this phenomenon. Albert Einstein once said,…

Fuel Price Reduction: A New Dawn for Nigerians On Monday, Nigerians will breathe a little easier with a new development that promises financial relief. There’s no denying that fuel costs have been a significant burden since the removal of fuel subsidies in this bustling nation. But what does this price cut mean for the everyday Nigerian? Recently, Dangote Petroleum Refinery took a bold step, lowering its ex-depot price from N890 to N825 per litre. It’s not just a number; it's a…

Food inflation looms as a profound challenge for numerous African nations, exacerbating existing economic hardships and amplifying food insecurity for millions of citizens. Life in various parts of Africa is already mired in complexity, as many countries grapple with systemic issues. With the spike in food prices, the situation is akin to salt on an open wound—undermining not only household well-being but threatening the broader economic landscape. Consider a family struggling to make ends meet, now facing the relentless…

NAIROBI, Kenya (AX) — A fresh initiative is underway with Kenya inaugurating a revamped pricing panel to tackle the plummeting cost of miraa, known as khat in Somalia. This vital cash crop supports thousands of farmers, with the strategy centered around boosting exports to Somalia, the predominant purchaser of Kenyan miraa. The panel's mission is clear: to stabilize miraa and muguka prices and enhance farmer revenues. The nine-strong committee, a brainchild of the Agricultural and Food Authority (AFA), boasts members from…

In the Democratic Republic of Congo, prices of basic necessities were under pressure due to the war in Ukraine. The head of the Congolese government, Jean-Michel Sama Lukonde, mentioned the problem on Wednesday, March 16, 2022, during an economic situation…