Platts launches West Africa gasoline outright price assessments, cash differentials

• Platts launches Gasoline FOB West Africa assessment, basis Nigeria (Lekki and Lagos)
• Platts launches Gasoline STS Lome assessment, basis Togo (Lome)
• Platts publishes cash differentials versus established European gasoline benchmarks used in West Africa

Platts, part of S&P Global Commodity Insights, has observed shifting supply dynamics in West Africa for refined products since the Dangote refinery started operations in December 2023 producing naphtha, gasoil and fuel oil since Q1 2024, before producing diesel mid-2024 and most recently 50 ppm sulfur gasoline in September 2024, displacing imports, predominantly from Europe, into West Africa. Meanwhile, Nigeria has lowered its gasoline import sulfur specification from a maximum 150 ppm to 50 ppm in October 2024.

Given these changes, Platts has started to publish a number of new gasoline price assessments for West Africa to bring transparency to this market. Following market feedback, Platts is publishing prices for both gasoline exports from the Dangote refinery in Nigeria and gasoline imports from the offshore STS-location of Lome, Togo. Details of the new assessments are as follows:

The new Gasoline FOB West Africa assessment (AWFRC00) reflects the value of cargoes, typically 20,000-40,000 mt each based on fixtures observed, for loading 3-10 days forward from the date of publication, with values normalized to reflect the mean of the loading period. Safe ports in Nigeria, including but not limited to Lekki or Lagos, are considered the basis location of the assessments. Platts may consider FOB indications reflecting other cargo sizes within West Africa and normalize them back to the basis quantity and location.

Meanwhile, the new Gasoline STS Lome assessment (ABNWG00) reflects the value of cargoes, typically 5,000-20,000, mt delivered on a DAP basis at Lome, 3-10 days forward from the date of publication, with values normalized to reflect the mean of the loading period. Platts may consider DAP indications reflecting other cargo sizes within West Africa and normalize them back to the basis quantity and location.

Both assessments reflect cargoes meeting maximum 50 ppm sulfur, minimum 91 RON, a maximum RVP of 9 Pounds per Square Inch (PSI) and a reference density of 0.745 kg/l and density range of 0.720-0.780 kg/l at 15 degrees Celsius. Platts may also take into account indications for other merchantable gasoline grades appropriate for West African supply and normalize them back to the reference specification.

The new differential assessments reflect the premium or discount of West African specification gasoline imported into West Africa and supplied from Nigeria, respectively, against established Platts European price benchmarks. The assessed differentials are versus the midpoint of the 3-10 day forward paper strip derived from the Prem Unleaded 10ppmS FOB Med Cargo and Prem Unleaded 10ppmS FOB AR Barge derivative benchmark assessments, respectively.

All market information reported to Platts may be considered for publication, including firm bids, offers, transactions and indications of value, as well as any other data deemed relevant to the assessment process.

Platts is publishing the new assessments in $/mt, time-stamped at 4:30 pm, London time.

The new gasoline assessments can be found in European Marketscan and on Platts Global Alert and Platts Refined Products Alert fixed page 1122.

Platts continues to monitor evolving West Africa oil product flows and seeks industry feedback on its existing West African refined oil products assessment methodology.

Please send any feedback, questions or comments to europe_products@spglobal.com and pricegroup@spglobal.com .

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.