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 Reduces Fuel Price After Dangote Refinery’s Adjustment

Published

2 weeks ago

August 14, 2025

Editor

The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.

It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.

This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.

The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.

“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.

This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.

The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Business

Dangote Refinery Reduces Fuel Price

Published

3 weeks ago

August 12, 2025

Editor

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.

This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.

The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.

Business

Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US

Published

3 weeks ago

August 11, 2025

Editor

India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.

This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.

According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.

Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.

The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.

Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.

Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.

According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.

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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.

On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.

In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.

“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.