Brent Crude trades near $67 as naira strengthens to N1,499/$ .

Petrol import cost hits N870/litre, diesel N999 as downstream market faces FX, crude volatility

Nigeria’s fuel import costs are climbing again as Brent crude trades near $67.44 per barrel and the naira firmed to N1,499/$, according to the latest Energy bulletin of the Major Energies Marketers Association of Nigeria (MEMAN) Competency Centre.

The report showed that despite the local currency’s modest appreciation, the Import Parity Price (IPP) of Premium Motor Spirit (PMS) rose to N870.06/litre at the NPSC/ASPAM Jetty in Apapa, above its 30-day average of N848.77/litre. Automotive Gas Oil (AGO or diesel) climbed to N999.80/litre, compared to an average of N969.09/litre, while Aviation Turbine Kerosene (ATK) increased to N980.75/litre against N905.40/litre.

According to MEMAN, the international petroleum market is being shaped by shifting supply and demand dynamics.

“U.S. crude inventories fell sharply by about 9.3 million barrels to roughly 415.4 million barrels, as net imports hit a record low due to a surge in exports.”

Gasoline stocks also declined by around 2.3 million barrels, tightening supply, while distillate inventories rose by about 4 million barrels, highlighting weaker demand in that segment,” the bulletin noted.

Alongside Brent, WTI crude traded at $63.24 per barrel, while Nigeria’s Bonny Light closed at $68.56. MEMAN added that prices eased slightly as markets weighed the U.S. inventory drawdown against the Federal Reserve’s 25-basis-point rate cut. “Geopolitical risks persist, particularly from Ukrainian drone attacks on Russian oil infrastructure, while OPEC+ confirms plans to raise output by 137,000 barrels per day starting in October as it continues to unwind earlier production cuts,” it said.

On the domestic front, the association highlighted that the naira recorded steady appreciation in the Nigerian Foreign Exchange Market (NFEM) during the first half of September. It highlighted that the naira appreciated from N1,526/$ at the start of September to N1,498.98/$ by September 18, representing a gain of 1.8 per cent. The currency peaked at N1,484.14/$ on September 16 before settling slightly weaker. The association cautioned that “given that import parity costs remain inherently sensitive to these dynamics, they are expected to experience multiple intra-day fluctuations.”

The bulletin also listed Dangote Petroleum Refinery’s latest ex-depot prices: AGO at $717.50/MT (N960.00/litre), ATK at $766.25/MT (N995.48/litre), while PMS was left “on hold.” Liquefied Petroleum Gas (LPG) was posted at N715,000/MT.

Asian Stocks Mixed After Fed Cuts Rates by 25 Points

Asian markets were choppy on Thursday after the U.S. Federal Reserve cut interest rates by 25 basis points but left investors uncertain about the pace of future easing.

The move, the Fed’s first reduction since December, came in response to weakening labor market data despite inflation remaining above the 2% target. Chair Jerome Powell said “labour demand has softened” and job creation is running below levels needed to stabilize unemployment.

The Fed’s forecast showed a split outlook: a slim majority of policymakers anticipate two more cuts, while others see no further action this year. Powell stressed decisions would be made “meeting by meeting.”

U.S. markets ended mixed, with the Dow edging higher while the S&P 500 and Nasdaq slipped. In Asia, Tokyo gained as a stronger dollar boosted exporters, while Hong Kong and Shanghai fluctuated. Seoul, Taipei, and Jakarta advanced, but Sydney, Singapore, Wellington, and Manila retreated.

Gold held near $3,660 an ounce after hitting a record above $3,707 on Wednesday. Oil prices slipped, with Brent crude down 0.4% to $67.66.

In corporate news, Australian energy firm Santos tumbled nearly 12% after a consortium led by Abu Dhabi’s state oil company withdrew a takeover bid.

Key Figures (as of 0230 GMT):

Tokyo (Nikkei 225): +1.1% at 45,277.43

Hong Kong (Hang Seng): –0.4% at 26,813.58

Shanghai Composite: +0.2% at 3,882.18

Euro/dollar: $1.1816 (+0.0005)

Pound/dollar: $1.3622 (–0.0004)

Dollar/yen: ¥147.04 (+0.04)

WTI Crude: –0.5% at $63.73

Brent Crude: –0.4% at $67.66

New York (Dow): +0.6% at 46,018.32 (close)

London (FTSE 100): +0.1% at 9,208.37 (close)

Source: Channels Television

Fed Governor Lisa Cook Sues Trump Admin Over Firing Attempt

U.S. Federal Reserve Governor Lisa Cook has filed a lawsuit against the Trump administration to block her dismissal, after President Trump accused her of “deceitful and potentially criminal conduct” tied to a 2021 mortgage fraud allegation.

This marks the first time in the Fed’s 112-year history that a sitting governor has faced a presidential firing attempt. Legal experts argue the move lacks due process, as Cook has not been charged with any crime.

#USPolitics #FederalReserve #Trump

Trump Demands Fed Governor Lisa Cook Resign Over Mortgage Allegations

U.S. President Donald Trump has called for the resignation of Federal Reserve Governor Lisa Cook over alleged mortgage irregularities tied to properties in Michigan and Georgia.

The dispute surfaced after FHFA Director Bill Pulte claimed Cook listed both her Atlanta condo and Michigan home as primary residences—a designation that typically secures more favorable loan terms.

The loans reportedly date back to 2021, before Cook was nominated by President Joe Biden and confirmed by the Senate in 2022. At the time, she was a professor at Michigan State University.

Trump, amplifying the allegations on Truth Social, wrote: “Cook must resign, now!!!”

The Justice Department is said to be taking the matter “very seriously,” according to Reuters.

Cook is one of three Biden-appointed Fed governors whose terms extend beyond Trump’s current presidency, limiting his control over the central bank’s board.

Currently, two of the six sitting governors—Christopher Waller and Michelle Bowman—were appointed by Trump.

Trump has long criticised Fed Chair Jerome Powell, demanding deep interest rate cuts and even his resignation. However, the Fed’s independence prevents Trump from dismissing members for policy differences.

Powell’s term as Chair expires in May 2026, though he could remain on the board as a governor until 2028.

Trump recently gained one opening on the Fed board after Adriana Kugler’s resignation, nominating CEA Chairman Stephen Miran to replace her.

#BreakingNews #Trump #FederalReserve #LisaCook #USPolitics #Economy