The price of aviation fuel in Nigeria has risen by 80 percent, aviation industry stakeholders reported on Monday.
The increase follows adjustments in the cost of jet fuel in the domestic market, according to officials and industry sources.
Aviation fuel, commonly referred to as Jet A1, is a critical input for airlines and commercial aviation operations. Changes in its price can directly influence airline operating costs, ticket pricing and overall performance of the aviation industry.
Globally, aviation fuel prices are influenced by international crude oil markets, foreign exchange rates and local supply dynamics.
In Nigeria, airlines and aviation industry stakeholders regularly monitor foreign exchange movements and pricing conditions at depots and refineries to assess fuel costs.
According to the National Association of Nigeria Travel Agencies (NANTA), the aviation fuel price increased from N700,000 per kilolitre to N1.26 million per kilolitre.
This represents an 80 percent hike in the cost of Jet A1 fuel compared with previously reported rates.
The price increase was confirmed by industry stakeholders during discussions at the Nigeria Civil Aviation Authority (NCAA) headquarters in Oshodi, Lagos.
Representatives of airlines and travel agencies noted the operational impact of the adjustment, particularly on carriers that operate international and domestic flights.
The new pricing reportedly reflects changes at fuel depots, including adjustments at the NNPC Aviation Depot in Lagos.
The fuel price movement has been attributed by stakeholders to movements in foreign exchange rates and increases in the cost of jet fuel purchases in the international market.
Local industry representatives said the rising cost of aviation fuel affects cost planning for airlines.
An increase in aviation fuel price can directly affect airlines’ operating expenses. Fuel accounts for a significant proportion of total airline costs, and sharp price increases can influence ticket pricing, cargo rates and airline profitability.
For passengers, higher operating costs for airlines may translate into increased airfares for both domestic and international travel.
Industry operators and travel agencies often adjust pricing structures to reflect changes in fuel expenditure.
Airlines may also reassess flight schedules, capacity and route planning to manage increased operational costs in a high fuel price environment.
