Average monthly West African petrol imports fell by 56 per cent in the second quarter, according to data sourced from Refinitiv Eikon. June loadings from the Amsterdam-Rotterdam-Antwerp hub to West Africa fell to 629,000 tonnes from 895,000 tonnes last year, Refinitiv data showed. “The key point is that 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. Nigeria’s petrol demand reportedly fell by 28 per cent since the removal of subsidies.

Source: Punch August 03, 2023 20:20 UTC