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The amount of Premium Motor Spirits (Petrol) imported into Nigeria surged in October despite the recent boom in domestic oil production. Complications within the Nigerian oil sector led to a significant volume of petrol being imported in October.
The amount of Premium Motor Spirits (Petrol) imported into Nigeria surged in October despite the recent boom in domestic oil production. Complications within the Nigerian oil sector led to a significant volume of petrol being imported in October. A report by the Organization of Petroleum Exporting Company (OPEC), revealed that Nigeria imported a higher volume of petrol in October than September, despite the country’s oil refining capacity. Nigeria currently boasts the largest single-train oil refinery in the world, which has been fully operational for months.
Additionally, the refinery started production of petrol in September, which was projected to drastically reduce the amount of petrol being imported from external markets. Nonetheless, given some complications within the oil sector in Nigeria, the country still imported a significant volume of petrol in October, which in an ironic twist was higher than the volume of the previous month.
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This is hardly surprising, given the fact that a report in October showed that despite the fully operational largest single-train refinery, marketers were still heavily reliant on imported petrol. At the time, at least four vessels carrying petroleum products were recorded at the borders of the West African country, The report by OPEC also noted that the volume of petrol imported in October 2024, most of which came from Europe, was 60% less than the amount imported in the same period last year.
