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%. (Saturday Telegraph)