Dangote Refinery has announced a reduction in the price of aviation fuel, JetA1, fixing it at N1,820 per liter in a move aimed at curbing soaring costs and stabilizing the market.
The 650,000-barrel-per-day refinery said the new price is designed to promote transparency and counter widespread speculation that had pushed projected prices above N3,000 per liter.
Airline operators in Nigeria have, in recent months, raised concerns over the sharp rise in JetA1 costs, which reportedly surged by nearly 300 percent following escalating tensions in the Middle East. The situation has been further aggravated by price speculation and the activities of middlemen in the supply chain.
However, the Nigerian Midstream and Downstream Petroleum Regulatory Authority clarified that aviation fuel prices currently range between N1,960 and N2,800 per liter, dismissing claims of prices exceeding N3,000.
The development comes amid mounting pressure on airline operators, who had warned of possible shutdowns or fare hikes due to the high cost of fuel.
In a related move, the federal government recently approved a 30 percent discount on airline operators’ debt as part of efforts to prevent disruptions in the aviation
