Nigeria LPG industry performance – February 2021
The Nigerian LPG market moved just 77,000 MT in the month of February, 3% more compared to February 2020 and a 10% increase against January 2021 volumes. NLNG was responsible for just over 50% of the total volumes ( source PPPRA ). See breakdown below.
Nigeria LPG seaborne supply by source.
Figures reported excluded LPG volumes from Kwale Hydrocarbon Limited at Kwale, Delta state, and the new NPDC Gas processing facility at Oredo, Edo state. No propane figures were recorded during the period.
LPG sources in Nigeria.
NLNG was responsible for 51% of the supply volumes and has maintained supplies in the month of March. There was no supply from Mobil BRT in the month of February.
Local LPG sourcing improved during the month with the majority of the supplies from NLNG. Import accounted for just 48%. Prices of LPG at the depot trended just below the peak of N6 Million Naira per a 20MT truck as Mont Belvieu prices remained at sub 500 USD levels. An insignificant portion (491MT) was supplied by the Greenville plant, Rumuji.
Market Leaders in the Nigeria LPG market.
Nipco came back to the zenith of the LPG marketer’s performance chart for the month of February 2021 with 38%. Matrix Energy came a distant second with 16%. NLNG off-takers were very active as NLNG resumed activities at NPSC and Stockgap Depots, taking 14% of the market share.
How the LPG Depot fared in February 2021
NPSC Apapa depot came back from 0% in January to 14% performance in the month of February. Once again at the top of the pack, is NIPCO depot with 38% performance.
As the month of March comes to an end, we expect a change in the performance as TechnoGas resumes operations at Kirikiri. We also expect an increase in volumes; over 77,000MT in February 2021.
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