Nigeria’s spending on jet fuel fell sharply by 87% in the first quarter of 2024, dropping to N31 billion from N239.18 billion in the last quarter of 2023. Jet A-1 fuel, used in many aircraft, was still a top-traded product in West Africa during this time.
In March 2024, the Chief of Air Staff highlighted the high costs of jet fuel, which was around N1,200 per liter, compared to the budgeted N360 per liter. He asked the National Assembly to allow the Air Force to import jet fuel to maintain their operations.
Meanwhile, the Dangote Refinery in Nigeria began shipping jet fuel to Europe. A vessel carrying 45,000 metric tons of jet fuel left Lagos for Rotterdam in May. This move is expected to help reduce the high costs of jet fuel in Nigeria.
(Vanguard)