Fuel imports into West Africa drops by 56% in Q2 2023

The second quarter saw a 56% decrease in the average monthly imports of fuel into West Africa, according to statistics from Refinitiv Eikon.

According to Refinitiv statistics, June loadings from the Amsterdam-Rotterdam-Antwerp hub to West Africa decreased to 629,000 tonnes from 895,000 tonnes in 2017.

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Loadings decreased from 1.5 million tonnes in July of last year to 627,000 tonnes in July of this year.

“The key point is that fuel 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.

Data sourced by NRTC from Argus on Nigeria’s gasoline European trade overview, the rising share of Russian petrol finding a home in Nigeria has so far risen to 24,000 barrels per day in 2023, compared with 3,700 b/d in 2022.

An increase in direct Russian gasoline flows into West Africa started in January, but cumulative volumes, while growing from virtually non-existent in recent years to around 800,000 tonnes year-to-date, are still small, according to Refinitiv Eikon data, the Reuters report said.