Dangote Refinery emerges Europe’s leading jet fuel supplier in June

The Dangote Petroleum Refinery supplied more jet fuel to Europe than the United States in June, exporting about 466,000 metric tonnes of aviation fuel as Nigeria strengthened its position in the international refined products market.

A new report by S&P Global Commodity Insights showed that the June shipments were the largest volume of Nigerian jet fuel exported to Europe since the country became a net exporter of aviation fuel in 2024.

The exports, estimated at roughly 582.5 million litres, are valued at about ₦757 billion based on an average domestic price of ₦1,300 per litre.

The report revealed that Nigeria’s jet fuel exports to Europe doubled from 232,000 metric tonnes in May to 466,000 metric tonnes in June, while shipments from the United States fell to 399,000 metric tonnes after reaching 818,000 metric tonnes in April.

Market analysts attributed the increase in supply to higher refinery output from Nigeria and the United States, alongside the resumption of some cargo movements through the Suez route.

According to one trader quoted in the report, the combination of increased refinery production and weaker seasonal demand has left the European aviation fuel market well supplied.

The influx of cargoes has also contributed to a sharp decline in jet fuel prices across Europe after record highs recorded during the Middle East conflict.

Data from Platts, a division of S&P Global Commodity Insights, showed that the Northwest Europe July jet fuel cargo assessment dropped significantly by the end of June compared to levels seen in March, reflecting easing market pressures.

The report added that Europe could receive additional supplies in the coming months as exporters from the Middle East and India continue to divert cargoes westward.

Shipments from Saudi Arabia increased substantially in June, while exports from India also recorded notable growth during the period.

Despite the current oversupply, traders said future market direction would depend on developments around the Strait of Hormuz, refinery operations in the Middle East and the strength of summer travel demand across Europe.

Figures released earlier by the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that Nigeria exported about 1.66 billion litres of refined petroleum products in April, including petrol, diesel and aviation fuel.

The Dangote refinery, currently Nigeria’s largest operational refinery, has played a key role in transforming the country into a net exporter of refined petroleum products, with rising production supporting both domestic supply and international exports.