Price for Petroleum Gases and Other Gaseous Hydrocarbons in Nigeria - 2022

Contents:

1. Price for Petroleum Gases and Other Gaseous Hydrocarbons in Nigeria (FOB) - 2022
2. Price for Petroleum Gases and Other Gaseous Hydrocarbons in Nigeria (CIF) - 2022
3. Exports of Petroleum Gases and Other Gaseous Hydrocarbons in Nigeria
4. Imports of Petroleum Gases and Other Gaseous Hydrocarbons in Nigeria

Price for Petroleum Gases and Other Gaseous Hydrocarbons in Nigeria (FOB) - 2022

In 2022, the average export price for petroleum gases and other gaseous hydrocarbonses amounted to $7,790 per ton, surging by 76% against the previous year. Over the period under review, the export price showed a significant increase. The most prominent rate of growth was recorded in 2018 when the average export price increased by 236% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($16,258 per ton), while the average price for exports to South Korea ($3,824 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+44.2%), while the prices for the other major destinations experienced more modest paces of growth.

Price for Petroleum Gases and Other Gaseous Hydrocarbons in Nigeria (CIF) - 2022

In 2022, the average import price for petroleum gases and other gaseous hydrocarbonses amounted to $1,228 per ton, dropping by -18% against the previous year. Over the period under review, the import price, however, enjoyed a perceptible expansion. The pace of growth appeared the most rapid in 2018 when the average import price increased by 404% against the previous year. As a result, import price attained the peak level of $2,769 per ton. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Chile ($899,679 per ton), while the price for Niger ($772 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+2,089.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Exports of Petroleum Gases and Other Gaseous Hydrocarbons in Nigeria

In 2022, overseas shipments of petroleum gases and other gaseous hydrocarbonses decreased by -27.8% to 950K tons, falling for the second year in a row after two years of growth. In general, exports showed a abrupt decline. The growth pace was the most rapid in 2020 when exports increased by 41% against the previous year. As a result, the exports attained the peak of 1.8M tons. From 2021 to 2022, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of petroleum gases and other gaseous hydrocarbonses surged to $7.4B in 2022. Over the period under review, total exports indicated a remarkable increase from 2019 to 2022: its value increased at an average annual rate of +10.9% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +64.5% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 30%. The exports peaked in 2022 and are expected to retain growth in years to come.

Top Export Markets for Petroleum Gases and Other Gaseous Hydrocarbons from Nigeria in 2022:

1. Spain (203.4K tons)
2. Portugal (110.8K tons)
3. Japan (81.6K tons)
4. South Korea (72.1K tons)
5. China (66.0K tons)
6. Kuwait (55.4K tons)
7. India (45.8K tons)
8. United Kingdom (34.3K tons)
9. France (31.7K tons)
10. Taiwan (Chinese) (31.1K tons)
11. Turkey (30.0K tons)
12. United States (26.4K tons)
13. Belgium (26.1K tons)

Imports of Petroleum Gases and Other Gaseous Hydrocarbons in Nigeria

In 2022, supplies from abroad of petroleum gases and other gaseous hydrocarbonses decreased by -60.4% to 21K tons, falling for the second year in a row after two years of growth. Over the period under review, imports saw a dramatic shrinkage. The pace of growth was the most pronounced in 2020 when imports increased by 13%. As a result, imports reached the peak of 111K tons. From 2021 to 2022, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of petroleum gases and other gaseous hydrocarbonses contracted remarkably to $26M in 2022. Overall, imports showed a sharp descent. The most prominent rate of growth was recorded in 2020 when imports increased by 43%. As a result, imports reached the peak of $114M. From 2021 to 2022, the growth of imports of failed to regain momentum.

Top Suppliers of Petroleum Gases and Other Gaseous Hydrocarbons to Nigeria in 2022:

1. United States (14.1K tons)
2. Niger (5.2K tons)
3. Equatorial Guinea (1.6K tons)

Source: IndexBox Market Intelligence Platform