Aviation Fuel Price Skyrockets To N300 Per Litre

The price of Jet A1, otherwise known as aviation fuel in the local parlance, jumped to over N300 per litre in Nigeria, especially in the Northern part of the country.
The product however still sells at N240 and N250 per litre in Lagos, depending on the independent marketer an airline is purchasing from.
The skyrocketing price of the product has led to some of the airlines especially the foreign ones purchasing Jet A1 outside the country, most especially in neighbouring Ghana where the product is cheaper and more available.
Despite the high price of Jet A1, the product is still scarce in the local market, a situation, which had compelled the indigenous airlines to increase their airfares by about 30 per cent increase in recent times.
A source close to one of the airlines, confided in INDEPENDENT that the product is sold at N300 and N320 per litre in Kano, Kaduna, Bauchi, Sokoto, Maiduguri, Yola, Ilorin, Minna and a few states in the North, while the product goes for N240 and N250 in Lagos.
Aviation fuel like diesel and kerosene has been deregulated by the Federal Government about 10 years ago, which enable marketers to set their prices for the product.
Just a few months ago, a litre of the product went for about N250 in the north, while it sold for N220 and N230 in Lagos.
About three years ago, a litre of Jet A1 went for N120 in the local market, implying that the cost has risen by over 100 per cent in Lagos since 2016.
In oil-rich Saudi Arabia, for instance, local carriers still pay 20 cents per litre, while foreign airlines pay 41 cents in the past five years.
Mr. Obi Mbanuzuo, the Chief Operating Officer (COO), Dana Air in an interview with our correspondent, confirmed the high price of the product in the local market.