The Dangote Petroleum Refinery has lowered its gantry price for aviation turbine kerosene (ATK), commonly known as jet fuel, to N1,450 per litre. A source at the refinery confirmed the development on Friday, stating that the price was reduced from N1,550 per litre to N1,450 per litre. According to the source, the adjustment took effect on Tuesday.
Recent Price Reductions by Dangote Refinery
This latest reduction comes less than two weeks after the refinery decreased the ex-depot price of premium motor spirit (PMS), also known as petrol, by N75 per litre. In a circular to oil marketers, the refinery stated that the petrol price adjustment, effective from 16 June, was in response to developments in the international energy market.
Impact on Aviation Sector
Jet fuel remains one of the major operating costs for airlines, making changes in its price closely monitored by operators in the aviation sector. The reduction is expected to provide some relief to airlines operating in Nigeria.
PETROAN Calls for Price Review
Following the decline in global crude oil prices, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) called on refiners, depot owners, and fuel importers to reflect the changes in their ex-depot and retail prices. The association stated that lower crude oil prices present an opportunity for operators in the downstream petroleum sector to reduce prices and offer relief to consumers.
Global Context
The price adjustments align with trends in the international energy market, where crude oil prices have seen a decline. The Dangote Refinery, which recently raised its processing capacity to 700,000 barrels per day, continues to adjust its pricing in response to market dynamics.
