By Africa.com | Created at 2024-10-18 11:00:40 | Updated at 2024-10-18 14:32:47
5 hours ago
According to a report by S&P Global Commodity Insights, Nigeria’s petrol imports experienced a sharp decline in the first two weeks of October following the ramping of production by the Lagos-based Dangote Refinery. The report revealed that Nigeria imported only 280,400 barrels of petrol in the first week of October, compared to the previous weekly average of 1.3 million barrels in August. By mid-October, just two fuel shipments had arrived in the country, representing a drastic drop from the 12 cargoes seen in August and September. The reduction in imports signals a shift as the 650,000 barrels per day refinery ramps up production to meet local demand as well as that of neighboring African countries and the Caribbean islands. Despite this progress, traders warn of potential fuel shortages if imports are not maintained.
SOURCE: NAIRAMETRICS
