Price for Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in Nigeria - 2022
Contents:
- Price for Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in Nigeria (CIF) - 2022
- Price for Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in Nigeria (FOB) - 2022
- Imports of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in Nigeria
- Exports of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in Nigeria
Price for Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in Nigeria (CIF) - 2022
The average import price for petroleum spirit for motor vehicles **LEGACY NON-WCO CODE**s stood at $1,254 per ton in 2022, growing by 40% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible downturn. The pace of growth was the most pronounced in 2021 an increase of 47% against the previous year. The import price peaked at $1,493 per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.
Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the UK ($1,374 per ton) and Oman ($1,321 per ton), while the price for the United States ($1,076 per ton) and France ($1,137 per ton) were amongst the lowest.
From 2015 to 2022, the most notable rate of growth in terms of prices was attained by Latvia (+47.1%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in Nigeria (FOB) - 2022
The average export price for petroleum spirit for motor vehicles **LEGACY NON-WCO CODE**s stood at $550 per ton in November 2021, approximately reflecting the previous month. Overall, the export price saw a significant contraction. As a result, the export price attained the peak level of $45,371 per ton. From July 2021 to November 2021, the the average export prices remained at a somewhat lower figure.
As there is only one major export destination, the average price level is determined by prices for Niger.
From June 2021 to November 2021, the rate of growth in terms of prices for Niger amounted to -58.6% per month.
Imports of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in Nigeria
In 2022, approx. 15M tons of petroleum spirit for motor vehicles **LEGACY NON-WCO CODE**s were imported into Nigeria; with an increase of 110,768% on the previous year. In general, imports posted a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.
In value terms, imports of petroleum spirit for motor vehicles **LEGACY NON-WCO CODE**s soared to $18.3B in 2022. Overall, imports saw significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Belgium | 409 | 600 | 2.3 | 5,483 | 137.6% |
| Netherlands | 2,776 | 2,630 | 4.0 | 5,103 | 22.5% |
| Norway | 419 | 747 | 1.6 | 1,767 | 61.6% |
| United Arab Emirates | N/A | 54.2 | N/A | 933 | 314.9% |
| Latvia | N/A | N/A | N/A | 814 | 0% |
| France | 96.4 | 163 | 0.1 | 766 | 99.5% |
| Oman | N/A | N/A | N/A | 532 | 0% |
| United Kingdom | 446 | 422 | 0.9 | 519 | 5.2% |
| United States | 66.4 | 42.4 | 0.2 | 257 | 57.0% |
| Others | 626 | 1,042 | 2.5 | 2,123 | 50.2% |
| Total | 4,839 | 5,702 | 11.8 | 18,298 | 55.8% |
Top Suppliers of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** to Nigeria in 2022:
- Netherlands (4.3M tons)
- Belgium (4.3M tons)
- Norway (1.4M tons)
- United Arab Emirates (0.8M tons)
- France (0.7M tons)
- Latvia (0.6M tons)
- Oman (0.4M tons)
- United Kingdom (0.4M tons)
- United States (0.2M tons)
Exports of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in Nigeria
In 2022, overseas shipments of petroleum spirit for motor vehicles **LEGACY NON-WCO CODE**s decreased by -99.8% to 875 tons, falling for the second consecutive year after two years of growth. Over the period under review, exports recorded a significant decline. The most prominent rate of growth was recorded in 2020 with an increase of 58% against the previous year. As a result, the exports attained the peak of 577K tons. From 2021 to 2022, the growth of the exports of failed to regain momentum.
In value terms, exports of petroleum spirit for motor vehicles **LEGACY NON-WCO CODE**s declined rapidly to $438K in 2022. In general, exports showed a dramatic decline. The most prominent rate of growth was recorded in 2021 when exports increased by 13%. As a result, the exports reached the peak of $279M, and then reduced rapidly in the following year.
| Export of Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Niger | N/A | N/A | N/A | 0.4 | 0% |
| South Korea | 50.7 | 7.5 | N/A | N/A | -85.2% |
| Japan | N/A | 10.9 | N/A | N/A | 0% |
| Belgium | 3.7 | 93.5 | 71.6 | N/A | 339.9% |
| Germany | 50.0 | 48.6 | 53.1 | N/A | 3.1% |
| Malaysia | N/A | N/A | 10.6 | N/A | 0% |
| United States | 99.1 | 46.5 | 88.5 | N/A | -5.5% |
| Singapore | N/A | 6.6 | N/A | N/A | 0% |
| Netherlands | 0.5 | 17.4 | 13.4 | N/A | 417.7% |
| Saudi Arabia | N/A | 12.8 | 6.4 | N/A | -50.0% |
| Brazil | 18.9 | N/A | 14.6 | N/A | -12.1% |
| Others | 1.9 | 2.6 | 20.9 | N/A | 231.7% |
| Total | 225 | 246 | 279 | 0.4 | -87.9% |
Top Export Markets for Petroleum Spirit for Motor Vehicles **LEGACY NON-WCO CODE** from Nigeria in 2022:
- Niger (875.0 tons)
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