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Nigerian State-Owned Oil Firm Increases Gasoline Supply on Panic Buying

Oil

Nigeria’s state-owned oil firm has more than doubled the daily fuel supply for motorists to 80M litres or about 500K b/d from current levels of 30M litres per day, amid surging domestic demand for gasoline which has caused a shortage in recent weeks, according to Reuters. This was triggered by rumours of a scheduled increase in gasoline price, which caused a spike in gasoline demand, as queues of motorists built up at petrol stations in December.

Nigeria’s own gasoline demand is expected to rise to about 285K b/d in December, up by approximately 20% m-o-m.