Decline in Jet Fuel and Cooking Gas Prices Amid Fuel Subsidy

Decline in Jet Fuel and Cooking Gas Prices Amid Fuel Subsidy

Despite the recent increase in petrol prices resulting from the removal of fuel subsidy by the federal government, there has been a notable decrease in the price of aviation fuel, commonly known as Jet A1. Starting from June 1st, the cost of aviation fuel has been on a downward trend.

In Lagos, the price of aviation fuel has dropped from over N800 to N650, while in Abuja, it decreased to N680. However, in locations such as Kano, Maiduguri, and Port Harcourt, the prices remain slightly higher.

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Recent checks conducted yesterday revealed that Jet A1 was being sold at N620 in Lagos, N660 in Abuja, and N680 in Kano. These lower prices indicate a positive change in the cost of aviation fuel, providing some relief for the industry and its consumers.

The price is crashing and I think we can’t explain the trend but I want to believe it is the forces of demand and supply that are at play.

“This has been the development since last week when fuel subsidy was removed from Jet A1. It appears this is a spontaneous reaction to developments in the oil and gas market,” said an operator.

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Last year, the price of Jet A1 exceeded the expectations of operators, reaching nearly N1,000 per litre, skyrocketing beyond anticipated levels.

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