FG Sets Indicative Jet Fuel Prices as Keyamo Leads Aviation Talks
The Federal Government has stepped in to stabilise jet fuel prices amid skyrocketing costs that are disrupting flight operations and ticket fares. Minister Festus Keyamo and the Nigerian Midstream and Downstream Petroleum Regulatory Authority convened airlines, regulators and fuel marketers to forge a viable solution. Stakeholders warn that imposing price controls in a deregulated market could trigger scarcity, supply bottlenecks and black-market trading. Analysts also caution against creating a new subsidy system that may undermine the downstream sector’s long-term stability. In discussions with FAAN, NCAA and industry players, officials proposed a price band of ₦1,760 to ₦2,037 per litre, varying by location. They recommended direct sales from marketers to airlines and joint efforts to optimise the supply chain and cut operational costs. Airlines like Ibom Air report fuel costs have soared from about ₦2.1 million to over ₦7.6 million per flight. The Trade Union Congress has urged the government to channel excess crude revenue into supporting local refineries, aiming to ease the burden on workers and passengers.
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