Dangote Refinery's Jet Fuel Exports to Europe Surge

In June 2024, Dangote Petroleum Refinery achieved a record high in jet fuel exports to Europe, shipping 466,000 metric tons, which is almost double the 232,000 metric tons exported in May. This increase underscores Nigeria's growing influence in the global aviation fuel market, particularly as Europe faces an oversupply situation.

The surge in exports follows the commencement of jet fuel production at the Dangote Refinery, which has a capacity of 650,000 barrels per day, making it Africa's largest single-train refinery. The report from S&P Global Commodity Insights indicates that Nigeria has transitioned to a net exporter of aviation fuel in 2024.

The financial contract for Northwest European jet fuel cargo was assessed at $981.75 per metric ton on July 1, down from a record $1,694.25 per metric ton on March 30. This trend reflects a significant increase in Nigeria's export capacity as the country emerges as one of Europe's fastest-growing suppliers of aviation fuel.