Price for Residues; of Petroleum Oils or of Oils Obtained from Bituminous Minerals in Nigeria - 2022

Contents:

1. Price for Residues; of Petroleum Oils or of Oils Obtained from Bituminous Minerals in Nigeria (CIF) - 2022
2. Imports of Residues; of Petroleum Oils or of Oils Obtained from Bituminous Minerals in Nigeria

Price for Residues; of Petroleum Oils or of Oils Obtained from Bituminous Minerals in Nigeria (CIF) - 2022

In 2022, the average import price for residues; of petroleum oils or of oils obtained from bituminous mineralses amounted to $166 per ton, shrinking by -34% against the previous year. In general, the import price showed a sharp slump. The pace of growth appeared the most rapid in 2019 when the average import price increased by 53% against the previous year. Over the period under review, average import prices hit record highs at $5,278 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Poland ($284 per ton), while the price for India totaled $125 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-3.3%), while the prices for the other major suppliers experienced a decline.

Imports of Residues; of Petroleum Oils or of Oils Obtained from Bituminous Minerals in Nigeria

Imports of residues; of petroleum oils or of oils obtained from bituminous mineralses into Nigeria contracted rapidly to 1.7K tons in 2022, waning by -72.9% compared with the previous year's figure. Overall, imports continue to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2021 with an increase of 554% against the previous year. As a result, imports reached the peak of 6.4K tons, and then shrank notably in the following year.

In value terms, imports of residues; of petroleum oils or of oils obtained from bituminous mineralses fell notably to $289K in 2022. In general, imports saw a sharp descent. The pace of growth was the most pronounced in 2021 with an increase of 368%. As a result, imports attained the peak of $1.6M, and then contracted remarkably in the following year.

Top Suppliers of Residues; of Petroleum Oils or of Oils Obtained from Bituminous Minerals to Nigeria in 2022:

1. India (1505.4 tons)
2. Poland (222.5 tons)

Source: IndexBox Market Intelligence Platform