Jet fuel crisis - Dangote refinery in Nigeria supplies Europe
Nigeria's giant Dangote refinery is benefiting from record margins on jet fuel production that it sells mainly abroad, while domestic airlines it supplies have also threatened to ground flights due to rising prices.
The refinery, the largest on the continent, was built to turn Africa's largest oil-producing country into a net exporter of refined products, end Nigeria's dependence on fuel imports and protect its economy from global energy shocks. It became fully operational earlier this year and is producing at its maximum capacity of 650,000 barrels per day.
Industry body, the Air Operators of Nigeria, said prices, taking into account logistics and storage costs, have risen to $2.44 per liter, almost triple the level in February before the Iran war began.
Nigeria's energy regulator said Dangote was selling jet fuel at $1.39 per liter.
Most of the 24 million liters of jet fuel the refinery produces daily was sent to Europe, although it also said the refinery mainly supplied the needs of Nigerian airlines, which the aviation industry estimates at about 2.1 million liters per day.
As European buyers are willing to pay a higher price ahead of the peak demand summer travel season, European imports from Nigeria have averaged 78,000 to 96,000 barrels per day in April so far, data from Kpler and LSEG showed, the highest ever recorded.
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