Market News
‘Aviation fuel stable but still expensive’ - PUNCH
The Chief Operating Officer of United Nigeria Airlines, Osita Okonkwo, has stated that while aviation fuel remains stable and readily available, it is still expensive.
He attributed the stability to increased supply from the Dangote refinery but emphasised the need for lower prices, hoping that improvements in the exchange rate would help reduce costs for airlines.
Despite the stability, he expressed hope for lower prices, especially with potential improvements in the exchange rate.
He said, “We want the price to come down; hopefully with the exchange rate improving, it will come down. We always want lower prices. When we started, it was 250, 300, compared to 1000, which is still high, but the most important thing is that it’s available and the price is stable, but we are asking for lower prices.
“Most fuellers are buying from Dangote now; I know their major distributor, MRS, buys exclusively from them, so I think NNPC also buys. Most people are buying from Dangote, but I don’t know how the others are supplying.”
Speaking on fuel pricing, he noted that while there has been a slight decrease, prices have remained steady, and there has been no scarcity since Dangote began supplying. He highlighted the price variations across different locations, stating, “One thing about pricing is that it has remained stable; it came down slightly, but it has remained stable, and the fuel is available, so there’s no scarcity we’ve not seen since Dangote came on board.
“The price is between 1050 and 11200 in Lagos, and then it varies in other locations, yeah, it depends on who is supplying, yeah.”
