Akintunde Oyedokun
Research Analyst
Oil prices rose nearly 3% on Monday as OPEC+ held off on accelerating output hikes and wildfires in Alberta disrupted about 7% of Canada’s crude production. Brent settled at $64.63 per barrel, and WTI at $62.52. Worker evacuations in Alberta and halted operations added to supply concerns.
A weaker U.S. dollar, rising geopolitical risks from Ukraine-Russia tensions, and uncertainty over Iran-U.S. nuclear talks further supported prices. Although OPEC+ agreed to a 411,000 bpd increase in July, traders expected a higher boost. Analysts believe strong global demand will likely prompt continued gradual output hikes.
Canada’s Manufacturing Slump Deepens In May Amid Trade Uncertainty, Job Cuts
Canadian manufacturing activity contracted for the fourth straight month in May, with trade uncertainty and tariffs driving the fastest job cuts since mid-2020, according to S&P Global data. The Manufacturing PMI rose slightly to 46.1 from April’s 45.3 but remained below the 50 threshold, signaling continued sector decline. Employment, output, and new orders all worsened, while input prices and supply delays intensified due to port congestion and customs issues. Although some firms are cautiously optimistic about future output, overall sentiment remains weak.
Germany’s Manufacturing Output Rises Despite Overall Sector Contraction
Germany’s manufacturing PMI dipped slightly to 48.3 in May from 48.4, staying in contraction for the 35th straight month. However, output rose for the third month in a row, supported by rising new export orders—especially from Europe and the U.S. Despite ongoing job cuts, the pace of layoffs slowed, and purchasing activity neared stabilization. Input costs fell sharply due to lower oil prices and a stronger euro, leading to further factory price cuts. Business confidence reached its highest point since February 2022, driven by optimism over public spending and a possible U.S.–EU trade deal.
South Africa’s Manufacturing PMI Drops Again Amid Ongoing Logistics Woes
South Africa’s manufacturing sentiment weakened further in May, with the Absa Purchasing Managers’ Index falling to 43.1 from 44.7 in April — its seventh consecutive month below 50, indicating worsening conditions. Persistent logistical challenges, particularly from state-run Transnet’s rail and port issues, continue to hinder demand. However, optimism about future business conditions rose to a 2024 high, driven by suspended global tariffs and hopes of local policy resolution.
Cooking Gas Prices Rise In April Despite Lower Inflation – NBS
The price of cooking gas went up in April 2025. A 5kg cylinder cost ₦7,885.60, up from ₦7,322.49 in March. The 12.5kg cylinder also rose to ₦20,268.06 from ₦18,456.24.
Compared to April 2024, the 5kg price is up by 20.92%, and the 12.5kg by 29.61%.
Rivers, Ebonyi, and Akwa Ibom had the highest 5kg prices, while Niger had the lowest. For the 12.5kg, Imo, Delta, and Rivers were the most expensive, and Kebbi was the cheapest.
South-South Nigeria had the highest average prices, while North-Central had the lowest.
Meanwhile, inflation slightly dropped to 23.71% in April, down from 24.23% in March, meaning prices are still rising but at a slower pace.
