Oil Marketers Yet To Resume Fuel Import

The and 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 , 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 has acquired increasing importance in recent months, as structurally shrinking arbitrage opportunities to the and the have limited outlets for Europe’s net-long gasoline market.

A European trading source disclosed that trading of had been quiet, adding that nothing has been done recently.

Meanwhile, data obtained from showed that Come By , the first in at least a decade, arrived the refinery aboard a Bahamas-flagged ship named M.V. Jiaolong Spirit.

The purchases, the report stated, come as are courting new suitors in the face of weak demand from a U.S. market awash with cheaper, .

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