The Organisation of the Petroleum Exporting Countries, OPEC, has said that the production of petroleum products, including Premium Motor Spirit, PMS, at Dangote Petroleum Refinery, is impacting the PMS market in Europe.
This is according to OPEC’s report on Wednesday.
The report stated that the emergence of the Dangote refinery has reduced the importation of petroleum products from Europe to Nigeria.
“The ongoing operational ramp-up efforts at Nigeria’s new Dangote refinery and its gasoline (petrol) exports to the international market will likely weigh further on the European gasoline market.
“Continued gasoline production in Nigeria, a country that has relied heavily on imports to meet its domestic fuel needs in the past, will most likely continue to free up gasoline volumes in international markets, which will call for new destinations and flow adjustments for the extra volumes going forward.”
In the fourth quarter of 2024, OPEC said, “Imports also declined, particularly oil product imports, improving the outlook for the external sector.”
Peoplesmind
