LAGOS, July 6 – Dangote Petroleum Refinery exported about 466,000 metric tonnes of jet fuel to Europe in June, making Nigeria the continent’s largest supplier of aviation fuel during the month, ahead of the United States.
According to an S&P Global Commodity Insights report, shipments from Nigeria nearly doubled from 232,000 metric tonnes in May to 466,000 metric tonnes in June. The export volume, estimated at about 582.5 million litres, is valued at roughly N757 billion ($552.4 million) based on an average domestic price of N1,300 per litre.
Over the same period, jet fuel exports from the United States to Europe fell from 560,000 metric tonnes in May to 399,000 metric tonnes in June after reaching a record 818,000 metric tonnes in April.
Market participants said increased supplies from Dangote and the United States contributed to an oversupplied European jet fuel market. At the same time, prices retreated from the highs recorded during the recent Middle East conflict as aviation demand remained weaker than expected.
Platts, part of S&P Global Commodity Insights, said the Northwest Europe July jet fuel cargo assessment fell to $981.75 per metric tonne by the end of June, down from a record $1,694.25 per metric tonne in March.
Meanwhile, data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed Nigeria exported about 1.66 billion litres of refined petroleum products in April. The total included 615 million litres of aviation fuel, 534 million litres of diesel and 513 million litres of petrol.
