West Africa Crude: Angolan trade slow, Nigerian steady

Angolan crude for June loading has not attracted much spot buying interest yet as offer levels fail to tempt buyers. 

* Nigerian differentials were steady. The full set of June loading programmes has not been issued yet.

ANGOLA

* Few spot sales of June-loading Angolan cargoes have come to light. BP was heard to have sold its early June-loading Mondo cargo, but buyer and price details were not known.

* Sonangol's offers of Dalia and Sangos cargoes, at dated Brent minus $3 and dated minus $1.80 respectively, were unchanged from Friday. The company has allocated 13 June-loading cargoes to term buyers.

Fuel Supply, Harsh Economic Climate; Nigerian Consumers Groan As Food Prices Rise By 50%

Following the persistent shortage in fuel supply and the harsh economic climate, there has been an average of 50 per cent hike in the prices of consumer goods and buyers are complaining bitterly.
In some Lagos markets visited by our correspondent, including Oyingbo, Iddo, Mile 12, Alade and Ipodo, prices of some food items like tomato puree, rice, vegetable oil and seasoning had increased substantially.

Our correspondent found out at the Ipodo Market that a carton of Indomie was sold for N1,500 as against the former price of N1,000; a retail pack of Gino tomato puree(70gm), formerly offered at N1,250, went for N2,700, while a five-litre keg of vegetable oil previously sold for N1,800 was offered for N2,500.