The Dangote Petroleum Refinery exported about 466,000 metric tonnes of jet fuel to Europe in June, overtaking shipments from the United States and becoming one of the continent’s leading suppliers, according to a report by S&P Global Commodity Insights.
The shipment, equivalent to about 582.5 million litres, is estimated to be worth N757 billion at a domestic value of N1,300 per litre.
According to the report, Nigeria’s jet fuel exports to Europe increased from 232,000 metric tonnes in May to 466,000 metric tonnes in June, the highest monthly volume since the country became a net exporter of aviation fuel in 2024, following the commencement of production at the Dangote refinery.
During the same period, jet fuel exports from the United States to Europe declined from 560,000 metric tonnes in May to 399,000 metric tonnes in June, allowing Nigeria to surpass U.S. shipments for the month.
A market trader attributed the growing supply to increased production from the Dangote refinery and U.S. refiners.
“Jet is oversupplied because of high local refinery production. Refineries pushed back maintenance to make the most of the high prices. The U.S. and Dangote also shipped large volumes,” the trader said, according to the report.
S&P Global Commodity Insights said the European jet fuel market has turned increasingly bearish following a sharp drop in prices after the easing of tensions linked to the Middle East conflict.
According to Platts, part of S&P Global Commodity Insights, the Northwest Europe jet CIF cargo assessment for July fell to $981.75 per metric tonne on June 30, down from a record $1,694.25 per metric tonne recorded earlier in the year.
The report also noted that additional supplies from the Middle East and India could further increase jet fuel availability in Europe in the coming months as exporters take advantage of favorable trade opportunities.
Shipments from Saudi Arabia rose to about 106,000 metric tonnes in June from 7,000 metric tonnes in May, while exports from India increased from 129,000 metric tonnes to 197,000 metric tonnes during the same period.
Despite the current oversupply, traders said market conditions would largely depend on developments in the Strait of Hormuz, refinery operations in the Middle East and the strength of summer travel demand.
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that the Dangote refinery exported about 1.66 billion litres of refined petroleum products in April 2026.
The exports included 513 million litres of petrol, 534 million litres of diesel and 615 million litres of aviation fuel.
The Dangote refinery remains Nigeria’s only major operational refinery producing sufficient volumes of refined petroleum products for both domestic consumption and export.
Rising output from the facility has helped Nigeria become a net exporter of refined petroleum products, marking a significant shift from decades of reliance on imported fuel.
