Average monthly West African petrol imports fell by 56 per cent in the second quarter, according to data sourced from Refinitiv Eikon.
June loadings from the Amsterdam-Rotterdam-Antwerp hub to West Africa fell to 629,000 tonnes from 895,000 tonnes last year, Refinitiv data showed.
Loadings dropped to 627,000 tonnes in July so far this year from 1.5 million tonnes last year.
“The key point is that demand from West Africa is drying up,” said Refinitiv Lead Oil Analyst Raj Rajendran.
Demand for petrol from Nigeria has also reduced since the removal of petrol subsidies on May 29.
Despite the decrease in demand, foreign refiners from Russia, the Middle East and Europe are currently competing to increase exports of their refined petrol to Nigeria.
The PUNCH last week reported how the importation of petrol from Russia shot up by 84 per cent in the last one year.
According to data sourced by The PUNCH from Argus on Nigeria’s gasoline European trade overview,…
