NIGERIA claimed it will receive huge amounts of imported petrol in the next few weeks in a move that would likely add severe strain to an already tight global market, reports Bloomberg.
More than 2.3 billion litres (1.7 million tons) of petrol will be delivered by the end of February to restore stocks to a national target of 30 days supply, the Nigerian National Petroleum Co said in a statement posted on Twitter.
That would exceed the 1.2 million tons of the fuel held by independent storage companies in Europe's Amsterdam-Rotterdam-Antwerp trading hub, and test the tanker market's ability to suddenly deliver such large volumes at relatively short notice.
The need for resupply arose after the African country imported a batch of petrol that contained too much methanol, making it unsuitable for domestic usage. That led to large queues at filling stations, and several government agencies working to resolve the crisis.
It led to fewer cars on city streets, as motorists had to wait in long queues at petrol stations to fill up as wel as surging transport prices.
'I used to spend NGN200 naira (US$0.48) a day to get to work and back, but now I am spending NGN1,000,' said 28-year-old Cynthia Favour, and Abuja resident.
SeaNews Turkey
More than 2.3 billion litres (1.7 million tons) of petrol will be delivered by the end of February to restore stocks to a national target of 30 days supply, the Nigerian National Petroleum Co said in a statement posted on Twitter.
That would exceed the 1.2 million tons of the fuel held by independent storage companies in Europe's Amsterdam-Rotterdam-Antwerp trading hub, and test the tanker market's ability to suddenly deliver such large volumes at relatively short notice.
The need for resupply arose after the African country imported a batch of petrol that contained too much methanol, making it unsuitable for domestic usage. That led to large queues at filling stations, and several government agencies working to resolve the crisis.
It led to fewer cars on city streets, as motorists had to wait in long queues at petrol stations to fill up as wel as surging transport prices.
'I used to spend NGN200 naira (US$0.48) a day to get to work and back, but now I am spending NGN1,000,' said 28-year-old Cynthia Favour, and Abuja resident.
SeaNews Turkey