Dangote Refinery exports N757bn jet fuel to Europe, surpasses US shipments

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Key points

• Dangote Petroleum Refinery exported about 466,000 metric tonnes of jet fuel to Europe in June, valued at an estimated N757 billion.
• The shipment surpassed United States jet fuel exports to Europe during the same period.
• Nigeria recorded its highest monthly jet fuel exports to Europe since becoming a net exporter of aviation fuel in 2024.
• Increased exports contributed to an oversupplied European aviation fuel market and declining prices.
• Analysts say future market conditions will depend on Middle East supply disruptions and global aviation demand.

Main Story

Dangote Petroleum Refinery exported approximately 466,000 metric tonnes of aviation fuel to Europe in June, reinforcing Nigeria’s growing position in the global refined petroleum products market and overtaking the United States as Europe’s largest supplier of jet fuel during the month.

According to a market report by S&P Global Commodity Insights, Nigeria’s jet fuel exports to Europe increased significantly from 232,000 metric tonnes in May to 466,000 metric tonnes in June, representing 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 June shipment is equivalent to about 582.5 million litres of aviation fuel and, at an estimated domestic value of N1,300 per litre, is worth approximately N757.25 billion.

In contrast, jet 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 and further to 399,000 metric tonnes in June, allowing Nigeria to emerge as Europe’s largest supplier during the month.

The report attributed the increased Nigerian exports to strong production from the Dangote refinery, while noting that the European jet fuel market had become increasingly bearish as supply outpaced demand.

A market trader quoted in the report said the oversupply resulted from high refinery production, delayed maintenance schedules and increased exports from both Nigeria and the United States, alongside the gradual resumption of shipments through the Suez Canal from the United Arab Emirates.

According to Platts, part of S&P Global Commodity Insights, the Northwest Europe jet fuel cargo assessment for July fell sharply to $981.75 per metric tonne on June 30 from a record $1,694.25 per metric tonne recorded on March 30 during heightened geopolitical tensions in the Middle East.

The August contract also declined substantially over the same period, reflecting expectations of ample fuel supplies and softer-than-anticipated aviation demand during the European summer travel season.

The report further indicated that Europe could receive even more aviation fuel supplies in the coming months as favourable arbitrage opportunities encourage exporters from the Middle East and India to ship cargoes westward.

Although exports from the United Arab Emirates and Kuwait were absent in June, shipments from Saudi Arabia rose to approximately 106,000 metric tonnes, while exports from India increased from 129,000 metric tonnes to 197,000 metric tonnes.

Despite the current oversupply, market analysts told Platts that developments in the Strait of Hormuz, refinery operations in the Middle East and stronger summer travel demand could influence market conditions in the coming months.

Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) also showed that the Dangote refinery exported an estimated 1.66 billion litres of refined petroleum products in April 2026, including 615 million litres of aviation fuel, 534 million litres of diesel and 513 million litres of petrol.

The refinery remains Nigeria’s only large-scale operational refinery capable of producing sufficient refined petroleum products for both domestic consumption and export.

Its increasing output has also enabled Nigeria to become a net exporter of petrol for the first time in decades, signalling a significant shift in the country’s role within the global downstream petroleum industry.

The Issues

The rapid expansion of exports from the Dangote refinery marks a major milestone in Nigeria’s transition from a net importer of refined petroleum products to a regional and global refining hub.

While increased exports strengthen Nigeria’s foreign exchange earnings and improve its trade balance, they also expose the country to fluctuations in global fuel demand, geopolitical developments and international price movements.

Industry analysts note that sustaining export growth will require continued refinery efficiency, stable crude oil supply, competitive logistics and supportive government policies.

What’s Being Said

According to S&P Global Commodity Insights, Nigeria’s increased jet fuel exports, alongside shipments from the United States, contributed to an oversupplied European aviation fuel market, resulting in declining prices.

Market participants noted that future supply conditions will depend on geopolitical developments in the Middle East, particularly around the Strait of Hormuz, as well as seasonal travel demand and refinery production decisions.

What’s Next

Industry stakeholders will closely monitor developments in global crude oil markets, aviation fuel demand and geopolitical tensions that could influence export opportunities for Nigerian refiners.

If current production levels are sustained, Nigeria is expected to consolidate its position as a major exporter of refined petroleum products to Europe and other international markets.

Bottom Line

Dangote Refinery’s record N757 billion jet fuel export to Europe underscores Nigeria’s emergence as a significant player in the global refining industry, highlighting the country’s growing capacity to supply international energy markets while advancing its transition into a net exporter of refined petroleum products.