Petroleum Jelly Price in Nigeria - 2022

Petroleum Jelly Price in Nigeria (CIF) - 2022

In June 2022, the average petroleum jelly import price amounted to $1,523 per ton, increasing by 6.2% against the previous month. Overall, the import price showed a buoyant expansion. The most prominent rate of growth was recorded in August 2021 an increase of 153% against the previous month. The import price peaked at $1,559 per ton in December 2021; however, from January 2022 to June 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In June 2022, the highest price was recorded for prices from Hungary ($1,690 per ton) and Germany ($1,674 per ton), while the price for the United Arab Emirates ($1,350 per ton) and India ($1,538 per ton) were amongst the lowest.

From June 2021 to June 2022, the most notable rate of growth in terms of prices was attained by Germany (+11.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Petroleum Jelly Price in Nigeria (FOB) - 2022

In 2022, the average petroleum jelly export price amounted to $884 per ton, with a decrease of -8.2% against the previous year. Over the period under review, export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, petroleum jelly export price increased by +80.1% against 2017 indices. The most prominent rate of growth was recorded in 2018 when the average export price increased by 66%. The export price peaked at $963 per ton in 2021, and then fell in the following year.

As there is only one major export destination, the average price level is determined by prices for Niger.

From 2012 to 2022, the rate of growth in terms of prices for Niger amounted to +4.7% per year.

Petroleum Jelly Imports in Nigeria

In 2022, overseas purchases of petroleum jellies decreased by -47.3% to 25K tons, falling for the second year in a row after two years of growth. In general, imports faced a abrupt contraction. The growth pace was the most rapid in 2020 when imports increased by 63% against the previous year. As a result, imports reached the peak of 59K tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, petroleum jelly imports shrank sharply to $45M in 2022. Overall, total imports indicated moderate growth from 2019 to 2022: its value increased at an average annual rate of +4.8% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -35.0% against 2020 indices. The pace of growth was the most pronounced in 2020 with an increase of 77% against the previous year. As a result, imports attained the peak of $69M. From 2021 to 2022, the growth of imports remained at a lower figure.

Import of Petroleum Jelly in Nigeria (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
India	9.0	17.7	17.3	20.6	31.8%
United Arab Emirates	5.5	5.4	9.7	9.3	19.1%
Germany	10.6	22.0	14.9	5.6	-19.2%
Antigua and Barbuda	2.9	3.4	3.7	3.8	9.4%
Hungary	0.8	2.0	1.1	1.2	14.5%
Iran	1.2	1.2	1.0	0.8	-12.6%
Egypt	0.2	0.7	0.7	0.6	44.2%
Turkey	5.1	11.6	7.6	0.4	-57.2%
Others	3.8	5.1	5.2	2.7	-10.8%
Total	39.1	69.2	61.1	45.0	4.8%

Top Suppliers of Petroleum Jelly to Nigeria in 2022:

India (10.4K tons)
United Arab Emirates (6.5K tons)
Germany (2.4K tons)
Antigua and Barbuda (1.9K tons)
Iran (0.7K tons)
Hungary (0.7K tons)
Turkey (0.4K tons)
Egypt (0.4K tons)

Petroleum Jelly Exports in Nigeria

In 2022, the amount of petroleum jellies exported from Nigeria surged to 168 tons, picking up by 103% compared with 2021. Overall, exports, however, showed a abrupt downturn.

In value terms, petroleum jelly exports surged to $149K in 2022. Over the period under review, exports, however, recorded a abrupt slump.