Dangote Petroleum Refinery has reduced the price of aviation fuel, also known as Jet A1, from N1,750 to N1,650 per litre in a move aimed at easing operational costs for airline operators across Nigeria.
The company disclosed this in a statement issued on Tuesday in Lagos by its spokesperson, Anthony Chiejina.
According to Chiejina, the refinery also introduced a 30-day interest-free credit facility for aviation fuel marketers and airline operators, backed by bank guarantees.
He added that the company had further reviewed its payment structure by replacing dollar-denominated transactions with payments in naira, a development expected to reduce pressure on local operators affected by foreign exchange fluctuations.
Chiejina explained that the price reduction followed growing concerns over the rising operational costs in Nigeria’s aviation industry, where aviation fuel accounts for a significant portion of airline expenses.
“Industry stakeholders have repeatedly warned that the increasing cost of Jet A1 fuel was putting serious financial pressure on domestic airlines and threatening smooth flight operations,” he stated.
He noted that the refinery’s latest intervention is expected to lower operating costs for airlines, improve stability in flight operations and support ongoing efforts to reduce airfares for passengers.
The development is expected to bring relief to domestic carriers that have struggled with high fuel costs and volatile exchange rates in recent years.
