The Dangote Refinery has shipped its first petrol cargo to the United States, marking a significant new chapter in Nigeria’s trade of refined products. Data from global analytics firm Kpler and market sources confirmed the development.
The ship Gemini Pearl loaded about 300,000 barrels of gasoline from the refinery in Lekki on August 26. It is now headed towards the United States, with potential plans to offload at the Port of New York or New Jersey.
This represents the first of a Nigerian petrol shipment to the United States, although Dangote has previously sent several consignments from West Africa. In June and July, the refinery dispatched three LR2 cargoes, with two headed to the Middle East Gulf and one to Singapore.
Analysts suggest that the recent shipment likely indicates an arbitrage strategy, as the prices for RBOB gasoline on the US Atlantic Coast have surged, while stockpiles in PADD 1 (East Coast) continue to be limited.
Dangote has additionally provided petrol to the Mideast Gulf when there were supply shortages, highlighting its potential role as a flexible supplier in global fuel markets. Traders indicate that Europe might become a viable destination if there are opportunities for arbitrage. However, this would be contingent upon the refinery’s residual fluid catalytic cracking (RFCC) unit operating with greater efficiency.
On Tuesday, Brent crude increased by 1.63% to reach $69.26 per barrel, while WTI saw a rise of 2.78%, bringing it to $65.79 per barrel. This surge mirrored the global trend, leading to higher ex-depot prices in Nigeria as well. In Lagos, Rainoil and NIPCO priced it at ₦850 per liter, Matrix set it at ₦865 per liter in Warri, and ₦870 per liter in Calabar. In Port Harcourt, Sigmund also priced it at ₦870 per liter.
