An unusually large quantity of petrol is floating off the coast of West Africa as Nigeria boosts imports to avoid shortages before a presidential election early next year, Reuters reports.
Nearly 1.5 million tonnes of the motor fuel is on ships off West African shores, according to industry monitor Genscape, the highest level since it began tracking the data in January 2017. The bulk of the petrol will likely flow to Nigeria, the region’s most populous nation and Africa’s largest economy, according to traders.
Sources in Nigeria said tanks on shore were also brimming after a major import push by state oil firm NNPC in the past few months. With a presidential election due in February, trade sources said the government was keeping up the pace of imports to ensure ample availability.
Indicating NNPC’s continued activity in the market, the state firm awarded a spot tender to buy 10 additional 37,000 tonne cargoes for delivery in May, on top of the shipments it typically receives via swaps for crude oil.
Be the first to know when we publish an update
