By Muhammad Mamman
Nigeria’s petrol imports fell to their lowest level in at least eight years in September, according to data from Kpler. The country imported 116,000 barrels per day (bpd) of petrol by sea, down from 154,000 bpd in August — the smallest volume since 2017.
Despite the decline in imports, petrol loadings rose to 77,000 bpd, the second-highest level ever recorded, highlighting continued export activity.
Figures from Argus showed that Nigeria received 375,000 bpd of crude oil in September, compared to 440,000 bpd in August.
Traders reported that following the shutdown of the RFCC unit, the price gap between non-oxygenated petrol barge cracks and Brent crude oil surged to $21.17 per barrel on 17 September — the highest in 16 months.
So far in 2024, Nigeria’s petrol imports have dropped by over 40%, falling from 162,000 bpd in January to below 100,000 bpd. Once the world’s fifth-largest importer, Nigeria now ranks eighth, though it remains Europe’s biggest petrol customer at roughly half last year’s volume.
In September, combined petrol exports from the EU, UK and Norway to Nigeria stood at 78,000 bpd — among the lowest on record. Libya, meanwhile, imported 89,000 bpd, making it Europe’s second-largest export destination after the United States.
