Stories by Emmanuel Addeh in Abuja
Nigeria’s jet fuel exports to Europe climbed to a record high in June, underscoring the growing influence of the Dangote Petroleum Refinery in the international aviation fuel market, even as Europe grapples with an oversupplied market and weakening prices.
According to market intelligence from S&P Global Commodity Insights, Nigeria exported about 466,000 metric tonnes of jet fuel to Europe in June, almost double the 232,000 metric tonnes shipped in May and the highest monthly volume since the country became a net exporter of aviation fuel in 2024 following the commencement of jet fuel production at the Dangote Refinery.
The sharp increase in exports comes as Europe experiences abundant jet fuel supplies, driven by elevated refinery production, increased imports from the United States and Nigeria, as well as the gradual resumption of shipments through the Suez Canal.
“Flows from Nigeria rose from 232,000mt in May to 466,000mt in June, the highest volume exported from the country to Europe since it became a net exporter of jet fuel in 2024, when the Dangote Refinery started producing jet fuel,” the organisation added.
Platts, part of S&P Global Commodity Insights, assessed the Northwest Europe jet fuel cargo financial contract for July at $981.75 per metric tonne on June 30, down from a record $1,694.25 per metric tonne recorded on March 30.
Similarly, the August contract declined to $968.25 per metric tonne, compared to $1,507.50 per metric tonne at the end of March.
The report noted that while US exports remained substantial, Nigeria emerged as one of Europe’s fastest-growing suppliers of aviation fuel. US shipments to Europe reached about 818,000 metric tonnes in April before easing to 560,000 metric tonnes in May and 399,000 metric tonnes in June.
Nigeria, by contrast, recorded a significant increase during the same period, reflecting the growing export capacity of the 650,000 barrels-per-day Dangote Refinery, Africa’s largest single-train refinery.
