Dangote Petroleum Refinery has emerged as Europe’s largest supplier of jet fuel for June 2026 after exporting approximately 466,000 metric tonnes of jet fuel to Europe in June, valued at about N757 billion, overtaking shipments from the United States during the month.
The milestone reflects a significant milestone for Nigeria, as jet fuel exports to Europe hit their highest level since the country became a net exporter of aviation fuel in 2024.
According to a market report by S&P Global Commodity Insights, the surge in exports came amid a downturn in the European jet fuel market, where prices have declined sharply after peaking during the Middle East conflict.
The report indicated that jet fuel shipments from Nigeria to Europe rose from 232,000 metric tonnes in May to 466,000 metric tonnes in June. This represents the highest volume exported to the continent since Dangote Refinery commenced aviation fuel production in 2024.
The June export volume is estimated at about 582.5 million litres. At an average domestic price of N1,300 per litre, the shipment is valued at approximately N757.25 billion.
In contrast, jet fuel exports from the United States to Europe declined significantly over the same period, dropping 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, positioning Nigeria as a leading supplier during the month.
A market trader attributed the oversupply in Europe to increased output from local refineries and higher export volumes from both the United States and Dangote Refinery.
“Jet fuel is currently oversupplied due to high refinery production, as operators delayed maintenance to take advantage of earlier high prices. Both the US and Dangote shipped large volumes, while some supply flows are also resuming through the Suez Canal from the UAE,” the trader said.
The report further noted that the European jet fuel forward market has weakened considerably after reaching record highs during the Middle East conflict, with traders now anticipating an oversupplied market amid softer-than-expected aviation demand.
Data from Platts showed that the Northwest Europe jet CIF cargo assessment for July fell to $981.75 per metric tonne on June 30, down from a peak of $1,694.25 per metric tonne recorded on March 30. Similarly, the August contract declined to $968.25 per metric tonne from $1,507.50 within the same period.
Analysts noted that Europe could receive even more jet fuel supplies in the coming months, as favourable East-West arbitrage continues to attract exporters from the Middle East and India.
While shipments from the United Arab Emirates and Kuwait were absent in June, exports from Saudi Arabia rose sharply to about 106,000 metric tonnes, up from 7,000 metric tonnes in May. Indian exports also increased from 129,000 metric tonnes to 197,000 metric tonnes over the same period.
Despite the current glut, traders said the market outlook will depend largely on developments in the Strait of Hormuz and the pace of recovery of Middle Eastern refineries affected by recent disruptions.
They added that stronger summer travel demand and refiners’ preference for diesel production over jet fuel could help rebalance the market in the coming months.
Packaged by Lanre Olabisi
