Business

Aviation Crisis: We Are Yet To Feel Impacts Of FG’s Intervention – Airline Operators

Published

3 years ago

June 14, 2022

The Airline Operators of Nigeria (AON) has said it is yet to feel the impacts of the Federal Government’s intervention in the aviation fuel crisis.

The airline operators, Nigeria National Petroleum Company Limited (NNPC), Central Bank of Nigeria (CBN) and relevant regulators in May reached agreements to end volatility in the price of aviation fuel, also known as Jet A1.

The parties agreed that six million litres of aviation fuel would be provided at N480 a litre for three months in what seems like a forex subsidy pending when the carriers would be granted a license to import the commodity.

The agreements were reached at the end of the meeting summoned by the House of Representatives leadership to avert airline operators’ planned shutdown after aviation fuel reached an all-time high of N700 per litre.

But the airline operators said the aviation industry in Nigeria has continued to struggle because the Federal Government’s interventions have not been fully implemented.

The Chairman, United Nigeria Airlines Limited and AON spokesperson, Obiora Okonkwo stated this on Tuesday while speaking with newsmen on the sidelines of an investiture in Abuja where he was installed as the National Grand Patron of Ndigboamaka Progressives Market Association, the umbrella organisation of all Igbo traders in Lagos State.

Speaking on the government’s measures to address the aviation fuel price increase, Okonkwo said, “Nothing much has changed except that the government of the day was very magnanimous, kind, listened to us (airline operators) and put a lot of things in motion to soften the impact of the aviation fuel price increase.

“We are very happy and grateful to them but the truth of the situation is that those initiatives taken are still at the implementation stage. They have not been fully implemented, so we are not feeling the impacts yet.

“The aviation fuel has continued to rise but I can tell you that some of those promises are being implemented but we hope to feel the impacts soon.

“For that reason, the aviation industry continues to struggle. But we thank the travelling public for their understanding.”

He also thanked the Lagos Igbo traders for finding him worthy to be crowned as their grand patron, saying that he was very proud to be associated with them.

DAILY TRUST

Business

NNPCL Increases Fuel Price

Published

3 days ago

August 5, 2025

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

Business

Naira Appreciates Against Dollar As External Reserves Swell

Published

3 days ago

August 5, 2025

Editor

The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

Business

Naira Continues To Appreciate Against Dollar On Official Market

Published

7 days ago

August 1, 2025

Editor

The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.