Meanwhile, the black market for smuggled subsidised Nigerian fuel in Togo and neighbouring Benin and Cameroon has collapsed, further reducing demand for shipments via Nigeria.
Average monthly West African (WAF) gasoline imports fell by 56% in the second quarter compared with the first, according to Refinitiv Eikon data.
"The key point is demand from West Africa is drying up," said Refinitiv Lead Oil Analyst Raj Rajendran.
There may simply be a baseline decrease in demand," said Sparta Commodities gasoline market analyst Philip Jones-Lux.
The challenge is coming from the new refineries in the Middle East that are expanding from their traditional East Africa market to now include West Africa and beyond even to the Americas," Rajendran said.
Persons:
Bola Tinubu, Jeremy Parker, Raj, naira, Philip Jones, Jones, Lux, Rajendran, Shadia, Barbara Lewis
Organizations:
Nigeria's, West, ARA, Reuters Graphics, Sparta Commodities, Thomson
Locations:
Africa, Nigeria, North America, West Africa, Europe, United States, Asia, Ukraine, Togo, Benin, Cameroon, Amsterdam, Rotterdam, Antwerp, Sparta, Mideast, Russia, European, East Africa