ABUJA, Nigeria (VOICE OF NAIJA)-The Nigerian Midstream and Downstream Petroleum Regulatory Authority has said the indicative gantry price for aviation fuel released by Dangote Refinery will promote market stability and improve compliance among marketers.
The Director of Public Affairs, Mr George Ene-Ita, stated this in an interview with the News Agency of Nigeria in Abuja on Saturday.
Ene-Ita was responding to concerns over the pricing and rising cost of Aviation Turbine Kerosene, also known as aviation fuel or Jet A1.
NAN reports that the Dangote Petroleum Refinery recently set its gantry price for ATK at N1,820 per litre, a move aimed at improving transparency within the sector.
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The development comes amid growing concerns from Nigerians and airline operators over the high cost of aviation fuel and its impact on the aviation industry.
As part of efforts to stabilise the market, ensure fair pricing, and reduce pressure on airlines and passengers, the NMDPRA had earlier introduced a price cap for jet fuel, directing marketers to sell directly to airlines.
The regulator had specified that Jet A1 should be sold within a price range of N1,760 to N1,988 per litre in Lagos and N1,809 to N2,037 per litre in Abuja.
Despite this advisory, oil marketers have continued selling aviation fuel at N2,230 per litre and above, worsening concerns within Nigeria’s aviation sector.
Ene-Ita explained that although petroleum product prices have been deregulated, the refinery’s newly released indicative gantry price would strengthen monitoring efforts.
“All petroleum product prices have been deregulated.
“However, with particular emphasis on ATK, the Dangote refinery, having released its latest indicative gantry prices, which they promised to publish daily going forward, will enable us to ensure tacit compliance by marketers and operators during our routine surveillance operations nationwide.
“We are not unmindful of the fact that what the Dangote Refinery is doing is a concession to help ease overhead cost pressures in the Aviation sector in order not to truncate its operations.
“So, we will play our part to see that Nigerians benefit from the gesture,” he said.
NAN reports that the NMDPRA pricing framework is based on Platts average figures recorded between April 17 and 23, reflecting prevailing conditions in the global oil market.
According to the regulator, while the benchmarks serve as a guide for fair pricing, actual market prices may vary depending on purchase timing and external influences.
It also pointed to increased global volatility driven by geopolitical tensions, including the ongoing U.S.–Iran crisis, as a major factor behind the recent surge in aviation fuel prices.