By Ola Kay
Dangote Petroleum Refinery has reportedly exported about 466,000 metric tonnes of jet fuel to Europe in the month of June, worth at an estimated N757bn, surpassing shipments from the United States and others.
This was sequel to increased Nigerian jet fuel exports to the continent, hitting the highest level since the country became a net exporter of aviation fuel in 2024.
A market report by S&P Global Commodity Insights informed that 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 war.
According to the report, 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 started its aviation fuel production.
The report also highlighted that 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.
Comparatively, aviation fuel exports from the United States dropped sharply in the past months. The report indicated 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.
“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,” explained a trader who attributed the oversupply partly to increased shipments from Dangote and the United States.
The report by S&P Global Commodity Insights also emphasized that the European jet fuel forward curve had weakened significantly after reaching record highs during the Middle East conflict, as traders now anticipate an oversupplied summer market amid weaker-than-expected aviation demand.
Platts noted that, 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.
Similarly, the August contract declined from $1,507.50 per metric tonne on March 30 to $968.25 per metric tonne by June 30.
The report observed that Europe could receive even more jet fuel supplies in the coming months as the East-West arbitrage remains attractive, encouraging exporters in the Middle East and India to ship cargoes westward.
While flows from the United Arab Emirates and Kuwait were absent in June, shipments from Saudi Arabia increased to about 106,000 metric tonnes, up from 7,000 metric tonnes in May, while exports from India rose from 129,000 metric tonnes to 197,000 metric tonnes over the same period.
Despite the current oversupply, two European jet fuel traders reportedly told Platts that market conditions would depend largely on developments in the Strait of Hormuz and the pace at which Middle Eastern refineries recover from disruptions caused by the recent conflict.
They also noted that stronger summer travel demand and refiners’ growing preference to maximise diesel production over jet fuel could gradually help rebalance the aviation fuel market.
The PUNCH referenced data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority which showed that the Dangote refinery exported an estimated 1.66 billion litres of refined petroleum products in April 2026.
This followed the spiralling tensions in the Middle East that caused disruption to global fuel supply corridors.
The publication quoted an analysis of the NMDPRA’s April 2026 fact sheet, which indicated that Nigeria exported about 513 million litres of premium motor spirit, popularly called ‘petrol’; 534 million litres of automotive gas oil, also known as diesel; and 615 million litres of aviation fuel within the month in April.
It is remarkable that the Dangote refinery is the only major functional refinery in Nigeria that currently produces enough refined petroleum products for both local consumption and export.
Nigeria has become a net petrol exporter for the first time in decades due mainly to increasing production from the Dangote refinery. The refinery had earlier exported about 434 million litres of petrol in March after domestic output exceeded local consumption levels.
The latest figures highlighted Nigeria’s gradual shift from a major importer of refined petroleum products to an export epicenter within Africa.
Analysts are quick to note that jet fuel exports could rise further with the instability caused by the Middle East crisis, which negatively impacted traditional supply chains.
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