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Dangote Petroleum Refinery exported about 466,000 metric tonnes of jet fuel to Europe in June, valued at an estimated N757 billion, overtaking shipments from the United States and other suppliers, according to a market report.
The 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 conflict, according to S&P Global Commodity Insights.
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 commenced aviation fuel production.
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 N757.25 billion.
Aviation 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, then to 399,000 metric tonnes in June, leaving Nigeria as the larger supplier to Europe during the month.
A trader attributed the oversupply partly to increased shipments from Dangote and the United States.
“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,” the trader was quoted as saying.
“Now there are some flows resuming through the Suez, too, from the UAE, but let’s see how it goes.”
The European jet fuel forward curve weakened much after reaching record highs during the Middle East war, as traders anticipate an oversupplied summer market amid weaker-than-expected aviation demand.
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.
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that the Dangote refinery exported an estimated 1.66 billion litres of refined petroleum products in April 2026, comprising 513 million litres of petrol, 534 million litres of diesel, and 615 million litres of aviation fuel.
The 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 to rising output from the Dangote refinery.
