Kpler has said Nigeria’s fuel consumption has dropped by 30 per cent, following the withdrawal of fuel subsidy.
Kpler is a data and analytics energy information tracking firm.
In a report on Tuesday, it stated that the low full consumption pattern propelled by the subsidy has exerted pressure on European refiners.
It stated that the average monthly West African (WAF) fuel imports fell by 56 per cent in the second quarter compared with the first.
According to the firm, this outcome has raised concern for European Refiners, as Nigeria remains one of its major outlets.
It stated that the implication of the crash in Nigeria’s domestic fuel consumption as one which will equally reduce refining margins for European refiners is huge.
According to it, European exports to Nigeria decreased by around 160,000 barrels per day in July compared to May, which was around 250,000 barrels per day.
It also noted that across West Africa, Nigeria accounts for a huge percentage of Europe’s petrol export market, whereas North America has traditionally been the main destination for European exports.
According to it, the removal of government subsidies has also decimated the black markets for the commodity across neighbouring countries such as Cameroon, Niger, Benin, and Togo.
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