European refiners feel squeeze after Nigeria fuel subsidy cut
Demand falls in country as a weaker currency makes imports increasingly unaffordable
Source: businesslive.co.za
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Report: Nigeria's petrol subsidy removal biting European refineries
Nigeria's fuel subsidy removal is affecting refineries far away in Europe and threatening to squeeze European refiners, Reuters is reporting.
Source: thecable.ng
Fuel Subsidy Removal Hurting Refineries in Europe – Report
The removal of the petrol subsidy by President Bola Tinubu is taking a toll on European refiners, according to Reuters. Citing Refinitiv Eikon data, the news agency reported that average monthly West African (WAF) fuel imports plummeted by 56 per cent in the second quarter compared with the first. It revealed that both North America…
Source: dailytrust.com
Exxon profits slump 56%, joins global peers in energy price hit - Markets
HOUSTON: Exxon Mobil’s second-quarter profit dropped 56% and fell short of Wall Street expectations, the company...
Source: brecorder.com
Reuters Report: Removal of Nigerian fuel subsidy set to squeeze Europe's refiners
North America and West Africa, with Nigeria at the helm, historically have been the top two destinations for petrol exports from Europe, which produces more gasoline than it uses, meaning its refiners rely on exports to support profit margins.
Source: theeagleonline.com.ng