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Lagos, Lagos State – By Prime Brief Media
The Dangote Petroleum Refinery has announced a significant reduction in the price of Jet A1 aviation fuel and introduced a suite of measures designed to ease the financial burden on Nigeria's struggling airline industry.
In a statement issued on Tuesday, the refinery said the price of Jet A1 had been reduced from N1,750 to N1,650 per litre, effective immediately. In a further concession, the refinery has switched from dollar-denominated pricing to naira-based transactions, shielding domestic airlines from foreign exchange volatility.
Additionally, the refinery is offering a 30-day interest-free credit facility to marketers and airline operators, provided they secure bank guarantees. The measures are expected to improve the cash flow of airlines, which have been battered by high fuel costs, forex scarcity, and elevated operating expenses.
"We recognise the challenges facing the aviation sector and the wider economy. These steps are part of our commitment to being a responsible partner in Nigeria's economic development," a Dangote Refinery spokesperson said.
The National Association of Aircraft Pilots and Engineers recently warned that the Jet A1 crisis was threatening the viability of the aviation sector, with airlines facing the risk of route suspensions and job losses. The Dangote Refinery's intervention is likely to provide significant relief.
Prime Brief Media will follow industry reactions and corporate disclosures as this story progresses.
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