The exported about 466,000 metric tonnes of jet fuel to Europe in June, with the shipment estimated to be worth roughly ₦757 billion, according to a new market report.
The report by shows that Nigeria became Europe’s largest supplier of jet fuel for the month, overtaking the United States.
It also marks Nigeria’s highest monthly jet fuel exports to Europe since the country became a net exporter of aviation fuel in 2024, following the start of production at the Dangote refinery.
The June shipment is equivalent to about 582.5 million litres of aviation fuel. Based on an estimated domestic price of ₦1,300 per litre, the cargo is valued at approximately ₦757.25 billion.
While Nigeria’s exports climbed sharply, jet fuel shipments from the United States to Europe declined.
The report shows US exports dropped from a record 818,000 metric tonnes in April to 560,000 metric tonnes in May, before falling further to 399,000 metric tonnes in June.
A trader quoted in the report said the European market is currently facing an oversupply, driven by higher refinery output and increased exports from both the United States and the Dangote refinery.
“Jet fuel is oversupplied because refineries increased production after delaying maintenance to take advantage of earlier high prices. Large volumes also came from the US and Dangote. Some cargoes are now returning through the Suez from the UAE as well,” the trader said.
The report noted that jet fuel prices in Europe have dropped sharply after reaching record highs during the Middle East conflict, as the market adjusts to rising supplies and softer-than-expected demand from airlines.
According to Platts, part of S&P Global Commodity Insights, the Northwest Europe jet fuel cargo assessment for July fell to $981.75 per metric tonne by June 30, down from a record $1,694.25 per metric tonne recorded on March 30.
Analysts also expect additional supplies from the Middle East and India in the coming months, with exports from Saudi Arabia and India already increasing significantly in June.
Despite the current oversupply, traders believe developments around the Strait of Hormuz, the pace of refinery recovery in the Middle East and stronger summer travel demand could still influence prices and market balance in the weeks ahead.
Figures from the show that the Dangote refinery exported about 1.66 billion litres of refined petroleum products in April 2026, including petrol, diesel and aviation fuel.
The refinery remains Nigeria’s only major operational refinery producing enough refined products to meet local demand while supporting exports.
