The Ɗangote Petroleum Refinery exported an estimated 466,000 metric tonnes of aviation fuel to Europe in June, with the shipment valued at about ₦757 billion, surpassing the United States to become the continent’s largest supplier during the month.
The latest export figures mark Nigeria’s highest monthly jet fuel shipment to Europe since the country became a net exporter of aviation fuel in 2024 following the commencement of production at the Ɗangote Refinery.
Market data compiled by S&P Global Commodity Insights showed that Nigerian jet fuel exports to Europe doubled from 232,000 metric tonnes in May to 466,000 metric tonnes in June. The volume is equivalent to approximately 582.5 million litres of aviation fuel, with an estimated domestic value of about ₦757.25 billion based on an average price of ₦1,300 per litre.
During the same period, exports of jet fuel from the United States to Europe dropped significantly, falling from 818,000 metric tonnes in April to 560,000 metric tonnes in May before declining further to 399,000 metric tonnes in June, allowing Nigeria to emerge as Europe’s biggest supplier for the month.
Industry analysts attributed the oversupply in the European aviation fuel market to increased refinery production from both Nigeria and the United States, as well as the gradual resumption of shipments through the Suez Canal from the Middle-East.
The increased supply coincided with a sharp decline in European jet fuel prices after record highs recorded during the Middle-East conflict. Data from Platts, part of S&P Global Commodity Insights, showed that Northwest Europe jet fuel prices for July delivery dropped from a peak of $1,694.25 per metric tonne in March to $981.75 per metric tonne by the end of June.
Exports from Saudi Arabia and India also increased during the period, while additional supplies from the Middle-East are expected to enter the European market in the coming months as shipping routes normalise.
The Ɗangote Refinery remains Nigeria’s only major facility producing refined petroleum products in volumes sufficient to meet domestic demand while supporting large-scale exports, reinforcing the country’s growing status as a regional refining and export hub.
