Aviation Fuel Prices May Drop to Pre-Iran War Levels

Marketers are optimistic that aviation fuel prices will drop to pre-Iran war levels, which were around N900 per liter before the conflict began in February 2026. Currently, the average price of aviation fuel has surged to N3,300 per liter due to ongoing global disruptions.

Georg Uriesi, Managing Director and Chief Executive Officer of Ibom Air, confirmed that airlines are forced to rely on bank loans to manage operational costs. Chris Ndulu, Chairman of Ndano Energy Aviation Oil Company, stated that the price of aviation fuel is expected to decrease as crude oil prices fall and Dangote Refinery reduces costs.

Despite the reopening of the Strait of Hormuz, aviation fuel prices remain high, with local market conditions detaching from global crude oil price drops. Adedayo Olawuyi, Chief Commercial Officer of a Nigerian airline, noted that the current fuel pricing regime is unsustainable against domestic ticket prices, which have not increased proportionately to fuel costs.