The #Federal Government and #oil marketers may have resolved the conflicts between them that led to over eight days of excruciating pains suffered by Nigerians following their inability to purchase Premium Motor Spirit, but fresh facts have emerged portraying that Oil marketers have yet to fully resume the import of petroleum products into the country.
Oil trading sources, according to a report obtained from a global provider of energy and metals information and a source of benchmark price assessments in the physical energy markets, disclosed that imports into #Nigeria, about one million metric tonnes (mt)/month making it the region’s largest importer of gasoline, continued at a trickle, due to little guidance from the government, reported Vanguard.
The sources stated that importers and distribution companies were seeking more solid assurances over the payment of the outstanding subsidy, adding that the refusal of the oil marketers to resume import is a signal that the deal between them and the Federal Government had failed to restore confidence.
The report stated that arbitrage from Northwest Europe to #West Africa has acquired increasing importance in recent months, as structurally shrinking arbitrage opportunities to the #US Atlantic Coast and the #Persian Gulf have limited outlets for Europe’s net-long gasoline market.
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A European trading source disclosed that trading of #Northwest European gasoline cargoes to West Africa had been quiet, adding that nothing has been done recently.
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