Nigeria’s Dangote Petroleum Refinery exported an estimated 466,000 metric tonnes of aviation fuel to Europe in June, overtaking the United States to become the continent’s largest supplier of jet fuel during the month.
Key Highlights
- Dangote Refinery exported 466,000 metric tonnes of jet fuel to Europe in June, making Nigeria the continent’s largest supplier.
- Nigeria overtook the United States after U.S. jet fuel exports to Europe fell to 399,000 metric tonnes in June.
- The June shipment, worth about ₦757 billion, is Nigeria’s highest monthly aviation fuel export since the refinery began operations.
- Increased fuel supplies from Nigeria and other exporters contributed to a decline in European jet fuel prices.
- Dangote Refinery’s growing exports are strengthening Nigeria’s position as a major regional refining and petroleum export hub.
According to market data compiled by S&P Global Commodity Insights on Monday, Nigeria’s jet fuel exports to Europe doubled from 232,000 metric tonnes in May to 466,000 metric tonnes in June.
The shipment, equivalent to about 582.5 million litres, is valued at approximately ₦757 billion based on an average domestic price of ₦1,300 per litre.
The latest figures represent Nigeria’s highest monthly aviation fuel exports to Europe since the country became a net exporter following the commencement of production at the Dangote Refinery in 2024.
In contrast, jet fuel exports from the United States to Europe fell sharply, dropping from 818,000 metric tonnes in April to 560,000 metric tonnes in May, before declining further to 399,000 metric tonnes in June, allowing Nigeria to take the top position.
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Industry analysts attributed the shift to increased refinery output from Nigeria and the United States, alongside the gradual resumption of Middle Eastern shipments through the Suez Canal, which has boosted supplies into the European market.
The increased availability of aviation fuel contributed to a decline in European jet fuel prices.
Data from Platts, part of S&P Global Commodity Insights, showed that Northwest Europe jet fuel prices for July delivery fell from a peak of $1,694.25 per metric tonne in March to $981.75 per metric tonne by the end of June.
Additional exports from Saudi Arabia and India also helped expand supply, while more Middle Eastern shipments are expected as shipping routes continue to normalise.
Despite the current oversupply, market observers expect stronger summer travel demand and a possible shift by refiners toward diesel production to tighten the aviation fuel market later in the year.
Meanwhile, figures from the Nigerian Midstream and Downstream Petroleum Regulatory Authority indicate that the Dangote Refinery exported about 1.66 billion litres of refined petroleum products in April, including petrol, diesel and aviation fuel, reinforcing Nigeria’s growing position as a major regional refining and export hub.
