Dangote Petroleum Refinery exported about 466,000 metric tonnes of jet fuel to Europe in June, valued at an estimated N757bn, overtaking shipments from the United States and others.
This is as Nigerian jet fuel exports to the continent reached their highest level since the country became a net exporter of aviation fuel in 2024.
According to a market report by S&P Global Commodity Insights, the refinery’s exports came as the European jet fuel market turned increasingly bearish following a sharp decline in prices from the highs recorded during the Middle East conflict.
The report stated that flows of jet fuel from Nigeria to Europe rose from 232,000 metric tonnes in May to 466,000 metric tonnes in June, the highest volume exported from the country to Europe since Nigeria became a net exporter of jet fuel in 2024, when the Dangote Refinery commenced aviation fuel production
The June export volume is equivalent to about 582.5 million litres of jet fuel. At an estimated domestic value of N1,300 per litre, the shipment is worth about N757.25bn.
On the other hand, aviation fuel exports from the United States fell sharply in the past months. The report showed that jet fuel exports from the United States to Europe declined steadily over the same period, falling from a record 818,000 metric tonnes in April to 560,000 metric tonnes in May and further to 399,000 metric tonnes in June, leaving Nigeria as a bigger supplier to Europe during the month.
Commenting on the market, a trader attributed the oversupply partly to increased shipments from Dangote and the United States. “Jet is oversupplied because of high local refinery production; refineries pushed back maintenance to make the most of the high prices.
“The US and Dangote also shipped large volumes. Now there are some flows resuming through the Suez, too, from the UAE, but let’s see how it goes,” the trader was quoted as saying.
The report noted that the European jet fuel forward curve had weakened significantly after reaching record highs during the Middle East war, as traders now anticipate an oversupplied summer market amid weaker-than-expected aviation demand.
According to Platts, part of S&P Global Commodity Insights, the Northwest Europe jet CIF cargo financial assessment for July dropped to $981.75 per metric tonne on June 30, down sharply from the all-time high of $1,694.25 per metric tonne recorded on March 30.
