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By Lizzy Chirkpi
The Federal Government has moved to stabilise the rising cost of aviation fuel by setting a benchmark price range and introducing measures to address supply challenges across the sector.
The decision followed a high-level meeting convened by the Minister of Aviation and Airspace Management on April 22 and 23, where key industry regulators including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Federal Airports Authority of Nigeria, Nigerian Civil Aviation Authority, and Nigerian Airspace Management Agency met with airline operators and fuel marketers to tackle persistent price volatility and supply disruptions.
The meeting resolved to establish a technical committee to develop actionable solutions. Acting swiftly, the committee convened on April 24 under the leadership of the NMDPRA to chart a path forward.
According to findings from the committee, the current market realities suggest that aviation fuel commonly known as Jet A1 should sell within a benchmark range of ₦1,760 to ₦1,988 per litre in Lagos, and between ₦1,809 and ₦2,037 per litre in Abuja.
“Following current market conditions, the indicative end-user price is projected within these ranges, though actual prices may fluctuate due to global volatility and operational costs,” a source familiar with the deliberations said.
“The pricing framework is tied to international benchmarks, particularly Platts averages within a defined window, which reflects prevailing global trends,” the source added.