Dangote Refinery Exports N757bn Jet Fuel to Europe

Dangote Refinery shipped N757bn worth of jet fuel to Europe in June, beating US exports as Nigeria's fuel trade surges.

Dangote Petroleum Refinery loading jet fuel tankers for Europe export worth N757 billion in June 2024

Nigeria has overtaken the United States as Europe's biggest jet fuel supplier for June, and it is all thanks to the Dangote Refinery.

New market data shows the Lagos-based refinery shipped about 466,000 metric tonnes of aviation fuel to Europe last month. That is roughly 582.5 million litres, valued at about N757.25 billion using a local price of N1,300 per litre.

It is the highest monthly volume Nigeria has ever sent to Europe since the country became a net exporter of jet fuel in 2024.

According to S&P Global Commodity Insights, the surge came as European prices crashed from wartime highs. Nigerian supply more than doubled from 232,000 tonnes in May to 466,000 tonnes in June.

At the same time, US shipments to Europe kept falling. They dropped from a record 818,000 tonnes in April, to 560,000 tonnes in May, and down to 399,000 tonnes in June. That left Dangote ahead for the month.

Traders say the market is now flooded. One European trader told Platts that refineries delayed maintenance to cash in when prices were high during the Middle East conflict.

"Jet is oversupplied because of high local refinery production. The US and Dangote also shipped large volumes. Now there are some flows resuming through the Suez too, from the UAE," the trader said.

The price drop has been sharp. Platts data shows Northwest Europe jet fuel fell from an all-time high of $1,694.25 per tonne on March 30 to $981.75 per tonne on June 30. The August contract also slid from $1,507.50 to $968.25 within the same period.

Analysts expect more fuel to head to Europe in coming months. The trade route from East to West is still profitable, so more suppliers are joining.

Saudi Arabia raised its exports to Europe from just 7,000 tonnes in May to about 106,000 tonnes in June. India also increased shipments from 129,000 tonnes to 197,000 tonnes. The UAE and Kuwait did not send any cargo in June.

Two European traders warned that the market still depends on what happens in the Strait of Hormuz and how fast Middle East refineries recover. They added that stronger summer travel and a shift by refiners to produce more diesel instead of jet fuel could help balance prices.

Back home, figures from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirm the export boom. In April alone, Dangote exported about 1.66 billion litres of refined products.

The breakdown shows 513 million litres of petrol, 534 million litres of diesel, and 615 million litres of aviation fuel left Nigeria that month a period when Middle East tensions disrupted global routes.

Dangote remains Nigeria's only refinery producing at scale for both local use and export. In March, it had already shipped about 434 million litres of petrol after local production passed domestic demand.

For the first time in decades, Nigeria is now a net exporter of petrol. With jet fuel leading the way, the country is gradually moving from being Africa's biggest fuel importer to becoming a key refining hub.