Jet-A1
Airline operators, aviation fuel marketers, the Nigeria National Petroleum Company (NNPC) Ltd and other stakeholders have agreed on an interim price of N500 for aviation fuel (Jet A1).
The price is to run for three days pending the determination of a substantive price.
This was disclosed by the Group Managing Director (GMD), NNPC Ltd, Mele Kyari at the end of the resumed stakeholders meeting on the high cost and non-availability of aviation fuel (Jet A1) in the country on Monday.
He said after consultations between stakeholders, they agreed to fix the price for N500 per litre for three days after which a substantive price would be fixed.
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He said: “So, what we have engaged with Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Marketers Association of Nigeria (DAPMAN) and the airline operators is that in three days’ time, their representatives will sit down and agree on a transparent base for pricing. That means that they ought to have a referenced benchmark that is quoted transparently in the market.
“They will have a referenced exchange rate for the Naira so that anyone can compete. They will also agree on a premium, which currently differs from Customer to Customer, depending on the volume you buy and the credit level. These are the things they can negotiate in three days and close so that going forward, there is a transparent decision on pricing.
“We have seen where some people are selling at N445 and some are selling at N630. This will completely bring close such that you will not see these differences.
“We also agreed that in the interim, between now and the three days that have to close negotiations, (the lowest price we have seen as at this morning was N445 and a high of N605.
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