Dangote Refinery Cuts Jet Fuel Price to N1,650/Litre

Dangote Petroleum Refinery announced a reduction in the price of jet fuel, lowering it from N1,750 to N1,650 per litre. This decision was made public in a statement on Monday, as airlines in Nigeria faced threats to halt operations due to the rising costs of aviation fuel, exacerbated by the conflict between the U.S. and Iran.

The price of aviation fuel had surged to between N2,700 and N2,900 per litre in the market, with some selling as high as N3,300. The refinery's price drop is part of an initiative to ease the financial burden on airlines and ensure uninterrupted fuel supply across the country.

Additionally, Dangote Petroleum Refinery is offering a 30-day interest-free credit facility backed by a bank guarantee, which aims to shift the pricing structure from a dollar-denominated model to a naira-based one. This intervention comes amid growing concerns over the operational costs faced by domestic carriers, as aviation fuel constitutes a significant portion of their expenses.