Airline operators to get aviation fuel for three months at N480 per litre

The Nigeria National Petroleum Corporation (NNPC) Limited, Central Bank of Nigeria (CBN) and airline operators have agreed to provide six million litres of aviation fuel at N480 a litre for three months.

It was part of the agreements reached at the end of the meeting summoned by the house of representatives on Monday to avert airline operators’ planned shutdown.

On Friday, the Airline Operators of Nigeria (AON) announced plans to shut down operations from Monday over the high cost of aviation fuel.

The group complained that aviation fuel, also known as Jet A1, has reached an all-time high of N700 per litre.

Femi Gbajabiamila, speaker of the house, announced the resolutions after about four hours of the meeting.

Gbajabiamila said the Central Bank of Nigeria (CBN) has agreed to provide the aviation fuel at N480 — in what seems like a forex subsidy — pending when the carriers would be granted license to import the commodity.

“In the long term, you commence the process of applying for your own licence to be able to import your own jet fuel. So that it will remove, whether it is middlemen or frontmen or whatever. You will know the landing cost to assist you in your business,” he said.

“There is the benevolence of the CBN governor that six million litres available now at N480. You will get an allocation in the next three months through the companies (marketers) that you have nominated so that you would not come back and say jet fuel is now a certain amount and it is the fault of the NNPC. You have nominated those people that are selling to you.”