Nigerian governors accept full deregulation of petrol

Nigeria's governors have decided to fully deregulate petrol following the recommendations of a 6-man committee from the National Economic Council. The move has been met with mixed reactions, with some concerns about the proposed pump price of 385 Naira per liter. Uchenna Minnis, Managing Director of Howard Minnis Asset Management, discussed this development in an interview on CNBC Africa. Minnis highlighted the lack of viable alternatives to the current situation, emphasizing that drastic measures were necessary given the challenges faced in the industry. He also explored the implications of Shell's divestment in offshore drilling and the push towards renewable energy investments by major oil companies. Additionally, the potential lifting of sanctions on Iran and the return of their oil supply to the market could further disrupt OPEC's projections for demand growth in the near future. These developments have left market participants and investors uncertain about the future direction of oil prices, with expectations of further pullbacks or sideways trading in the near term.