1.7 million Barrels of Dangote Refinery Jet Fuel Arrive US Ports

It was reported that another vessel, Hafnia Andromeda, is set to arrive at the Everglades terminal on March 29 with a load of about 348,000 barrels of jet fuel, the data showed.

US jet fuel imports are set to hit a two-year high in March after the refinery pushed barrels to North America and Europe.

Total US jet fuel imports so far in March stood at around 226,000 barrels per day, the most since February 2023, the data showed.

The development comes amid controversies surrounding the sale and availability of crude oil to the refinery and Premium Motor Spirit or petrol supply to the Nigerian market.

Nigeria’s decision to cancel the Naira-for-crude deal with the refinery has since created panic in the hearts of marketers and consumers alike.

The 650,000 barrels per day refinery has also suspended selling petrol in Naira to marketers.

It lamented that there was a mismatch between its sales proceeds and its crude oil purchase obligations, which it said are currently denominated in US Dollars.

“Dear valued customers, we wish to inform you that the Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars.

“To date, our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the firm announced.

The announcement has since triggered a rise in the cost of loading petrol at private depots in Lagos to about N900 per litre from below N850 per litre before.

The Dangote refinery started production last January after years of construction delays and ramped up to about 85 per cent of capacity in early February, allowing it to sell more fuel to international markets.