The Nigerian National Petroleum Corporation (NNPC) has halted petrol imports as excessive orders has created a petrol glut, Reuters news agency reported on Thursday. Petroleum Pipelines and Product Marketing Company (PPMC), a subsidiary of the NNPC responsible for the supply of petroleum products to the domestic market will not make purchases in November, as it tries to work through a 10.2 million barrel (1.2 million tonnes) surplus petrol waiting offshore.
Traders reportedly hinted it was possible that the suspension may extend until the end of the year, which will hit European refiners that supply the market.
Spokesman of PPMC, Nasir Imodagbe, was quoted as stating he was not aware of any cancellation of orders, but that a decision to suspend imports would be that of the regulator, the Petroleum Product Pricing Regulatory Agency (PPPRA).
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