The Nigerian National Petroleum Company Limited (NNPC) has successfully sold its inaugural shipment of Port Harcourt low-sulfur straight-run fuel oil (LSSR) to Dubai-based Gulf Transport & Trading Limited (GTT).
This marks the beginning of operations at the Port Harcourt Refinery and the export of petroleum products.
The Wonder Star MR1 vessel is set to load 15,000 metric tons of LSSR, equivalent to approximately 13.6 million liters.
Although the current export volume from NNPC is modest, it holds the potential to influence future benchmarks for Very Low Sulfur Fuel Oil (VLSFO).
It may also reshape market dynamics for Atlantic Basin exporters supplying Nigeria and surrounding regions.
According to Kpler, a data analytics company, the cargo’s sulfur content is 0.26% by weight, with a density of 0.918 g/ml at 15°C.
The shipment was sold at an $8.50 per ton discount to the NWE 0.5% benchmark on a Free on Board (FOB) basis.
This development signals a shift in Nigeria’s energy landscape, reducing reliance on traditional suppliers in Africa and Europe.
With Nigeria’s clean petroleum product (CPP) imports on the decline, the broader West African region is experiencing a corresponding drop in import volumes.
The milestone underscores NNPC’s growing role in reshaping the regional fuel market while enhancing the nation’s energy independence.
