Dangote Refinery Makes Historic Jet Fuel Export to US, Set to Lower Prices Ahead of Summer Travel Season

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In a landmark business achievement, the Dangote Petroleum Refinery has exported over 2 million barrels of jet fuel to the United States in March alone, marking a significant milestone for the 650,000-barrel-per-day Lagos-based facility.

This move is projected to push US jet fuel prices to a two-year high while reducing costs during the busy summer travel period, according to trade analysts.

Data from Kpler, a ship-tracking service cited by the refinery, revealed that six vessels delivered roughly 1.7 million barrels of jet fuel to US ports this month, with an additional shipment of 348,000 barrels expected to arrive on March 29.

This follows earlier exports of 130 million litres of jet fuel to Saudi Arabia, showcasing Dangote’s growing competition with European refiners in global markets.

Industry experts suggest these shipments could disrupt the economics of US domestic producers.

Steven Barsamian, COO of TankTiger, confirmed that the increased supply from Nigeria is likely to drive down jet fuel prices ahead of the summer travel surge. Demand for jet fuel storage in Houston and New York Harbor has spiked to 700,000 barrels—five to six times the usual monthly average—further highlighting the refinery’s global impact.

Since beginning production in January 2024, the Dangote Refinery has rapidly expanded its reach, exporting to nearly every continent.

While US imports were partly driven by maintenance shutdowns at a major New Jersey refinery, analysts note that Dangote’s competitive pricing and quality have solidified its international presence.

Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprises (CPPE), hailed the exports as a testament to Nigeria’s refining capabilities, emphasizing the stringent quality standards met by Dangote’s products.

He urged both citizens and the government to support the refinery, which is elevating Nigeria’s global economic standing.

In related developments, Dangote Refinery has issued a tender to sell 128,000 metric tons of residual fuel oil in April, while also planning a 30-day maintenance shutdown of its gasoline unit starting June 1.

Despite a recent dip in fuel oil exports due to increased gasoline production, the refinery continues to play a pivotal role in global energy markets.