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Aviation, MAN hit by jumping rise in fuel prices

Strong indications have emerged revealing that industrial productivity and aviation activities are heading to disruption due to jumping rise in aviation fuel, Jet A1 and Diesel, AGO.

Already, the price of aviation fuel rose by 35 per cent from N430/litre to N580/litre, oil marketers on Wednesday and there are chances of hitting N700/litre by next week if the global crude oil price continued to fluctuate.

Also, diesel prices which had long been deregulated is jumping and it is currently hovering around N600 which is out of the reach of many manufacturing firm.

Bearing in mind that Russia is an oil producing nation, the National Operations Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, in an exclusive interview with our correspondent, said the Russia-Ukraine war and other related factors might fuel further increases in the prices of aviation fuel and other petroleum products. Aviation fuel, also known as Jet A1, which sold for N190/litre and later N360/litre in January this year, rose to between N579 and N607/litre on Tuesday. Oil marketers, as well as airport officials, said the aviation fuel was sold for different prices across the nation’s airports. In Lagos, Jet A1 was sold for N579 per litre on Tuesday; Abuja N599, Port-Harcourt N599; and Kano N607. A few weeks ago, aviation fuel marketers had increased Jet A1 to about N450 per litre which forced the carriers to raise airfares by 100 per cent.

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