Nigeria’s petrol imports surged in October – OPEC

The amount of Premium Motor Spirit (petrol) imported into Nigeria surged in October, a report by the Organisation of the Petroleum Exporting Firm says.

That is even though the Dangote Petroleum Refinery began producing petrol in September this 12 months.

OPEC, in its Month-to-month Oil Market Report, stated although petrol import nonetheless stays at a 60 per cent low when in comparison with the identical interval in 2023, there was a rise within the amount of PMS imported between September and October 2024.

Recall that some vessels arrived on the shores of Nigeria to discharge PMS, particularly at a time when entrepreneurs had been at loggerheads with the Dangote refinery.

It was discovered that petrol import into Nigeria and West Africa got here majorly from Europe through the month below assessment.

Quoting Argus, OPEC stated, “Gasoline exports to West Africa strengthened and compensated for a drop in flows to the US. Exports to Nigeria had been reported to have surged in comparison with the extent registered in September regardless of nonetheless remaining 60 per cent decrease, year-on-year.”

The report disclosed that PMS crack unfold in Rotterdam towards Brent elevated as PMS exports from Europe rose in October.

Extra European PMS volumes had been stated to have been shipped to Libya and Saudi Arabia in October as properly.

The worldwide organisation maintained that new product volumes getting into worldwide markets from Nigeria’s Dangote refinery, China’s Yulong petrochemical, and Mexico’s Olmeca refinery “are set to elongate product balances going ahead, significantly for gasoline.”

Reuters earlier experiences that a couple of third of Europe’s 1.33 million barrels per day common petrol exports in 2023 went to West Africa, an even bigger chunk than every other area, with most of these exports ending up in Nigeria.

It famous that the 650,000-capacity Dangote refinery may finish a decades-long petrol commerce from Europe to Africa, value $17bn a 12 months.

Reuters, quoting analysts and merchants, stated the Dangote refinery was heaping strain on European refineries already susceptible to closure from heightened competitors, including that the refinery could be the biggest in Africa and Europe when it reaches full capability.

The PidomNigeria observes that the Dangote refinery is step by step attaining its mission to finish oil imports into Nigeria.

In the meantime, OPEC stated refinery upkeep in India, a PMS provider to the Center East, had additional supported petrol exports from Europe, contributing to constructive petrol market energy.

“The gasoline crack unfold towards Brent averaged $17.34/b, which was $2.13 larger, month-on-month however $14.55 decrease, y-o-y.

“In October, the jet/kerosene crack unfold in Rotterdam towards Brent recovered the earlier month’s losses, backed by beneficial supply-side dynamics. In keeping with Platts, jet gasoline inventories as of October 31 confirmed a month-to-month decline, possible attributable to decreased refinery runs and decrease jet/kerosene output.

“In December, jet/kerosene markets ought to quickly profit from elevated journey actions towards the year-end holidays. The Rotterdam jet/kerosene crack unfold towards Brent averaged $15.82/b, up by $1.65, m-o-m, however at decrease $16.40, y-o-y,” OPEC stated.