Nigeria’s petrol imports have dropped to their lowest point in at least eight years, according to data from Kpler.
The country imported 116,000 barrels per day of petrol by sea in September, down from 154,000 barrels per day in August. This marks the smallest volume since 2017.
The decline in imports is attributed to the ramp-up of the Dangote refinery, which has reduced the country’s reliance on foreign petrol supplies. “A large part of the slowdown in Nigeria’s gasoline imports is due to the ramp-up of the Dangote refinery,” said Samantha Hartke, a Vortexa analyst. Northwest Europe will have to find alternative homes for its gasoline supplies.
Despite the decrease in imports, total petrol loadings have climbed to 77,000 barrels per day, marking the second-highest level ever observed. This underscores ongoing export activities, with Nigeria maintaining its position as Europe’s largest petrol customer. However, purchases are at half the levels compared to last year.
In September, the combined petrol exports from the EU, UK, and Norway to Nigeria amounted to 78,000 barrels per day, one of the lowest levels ever recorded. Libya imported 89,000 barrels per day, positioning it as Europe’s second major export destination after the United States. Nigeria’s petrol imports have dropped by over 40% since January, declining from 162,000 barrels per day to under 100,000 barrels per day.
The price difference between non-oxygenated petrol barge cracks and Brent crude oil surged to $21.17 per barrel on September 17, a peak not seen in 16 months. This was due to the shutdown of the RFCC unit at the Dangote refinery. The refinery received 375,000 barrels of crude oil per day in September, down from 440,000 barrels per day in August.
Nigeria’s domestic petrol demand averaged 40 million liters per day in September, equivalent to 252,000 barrels daily. The Dangote refinery’s production capacity is expected to help Nigeria achieve fuel independence and potentially become a significant player in the regional oil market.
