The volume of Premium Motor Spirit (petrol) imported into Nigeria surged in October, a report by the Organisation of the Petroleum Exporting Company says.
This is despite the fact that the Dangote Petroleum Refinery started producing petrol in September this year.
OPEC, in its Monthly Oil Market Report, said though petrol import still remains at a 60 per cent low when compared to the same period in 2023, there was an increase in the quantity of PMS imported between September and October 2024.
Recall that some vessels arrived on the shores of Nigeria to discharge PMS, especially at a time when marketers were at loggerheads with the Dangote refinery.
It was learned that petrol import into Nigeria and West Africa came majorly from Europe during the month under review. Quoting Argus, OPEC said, “Gasoline exports to West Africa strengthened and compensated for a drop in flows to the US. Exports to Nigeria were reported to have surged compared to the level registered in September despite still remaining 60 per cent lower, year-on-year.”
