Aviation Fuel Soars To N1,315/Litre Despite Oil Price Dip

Despite the sharp fall in global oil prices following US President Donald Trump’s  June 24 announcement of a ceasefire agreement between Israel and Iran, price of Aviation fuel, also known as Jet A1, has surged from N900 in May to N1,315 per litre.

LEADERSHIP checks show that crude prices have fallen to below $70/ barrel since the ceasefire announcement.

The 12-day conflict had caused oil prices to increase by around $10/barrel but they swiftly dropped back to pre-conflict levels of around $68/barrel upon the announcement.

But, despite the drop in oil prices, Jet A1 prices are still on the rise in Nigeria, thereby fuelling further hike in airfares  especially on local flights.

Also, the current aviation fuel prices depend on the airport an airline is buying from and the number of gallons such a carrier is purchasing from major oil marketers.

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LEADERSHIP gathered that the product prices  had remained unstable since the beginning of June, 2025 till date, changing about five times in less than two weeks.

The latest rates obtained by our correspondent, dated June 19, 2025, indicated that the product was cheapest at the Murtala Muhammed Airport at N1,227 per litre and costliest at the Margaret Ekpo International Airport (MEIA), Calabar at N1,315 per litre

According to Jet-A1-Fuel.com, the website that provides jet A1 price per barrel, per metric tonne, per gallon and  per litre daily in Nigeria, Jet fuel price per barrel is  $83.7;Jet A1 per MT (metric ton) is $661.2; per Gallon, $1.993 and  per litre, $0.53.

Some of the oil marketing companies in the industry are MRS Oil Nigeria Plc, MAT Oil and Gas, CIT Oil and Gas, NNP Oil and Gas, Standard Oil and Gas (STN) and AGB Oil and Gas.

Others are Total Oil and Gas, OCT Oil and Gas, NEP Oil and Gas, 11 Plc, CLS Oil and Gas, SOS Oil and Gas, REE Oil and Gas, Sahara Group, ADO Oil and Gas and GEO Oil and Gas, among others.

The document further showed that the product sells for N1,254/ltr at the Nnamdi Azikiwe International Airport (NAIA), Abuja and  N1,257/ltr at the Port Harcourt International Airport (PHIA), Omegwa.

Others are Mallam Aminu Kano International Airport (MAKIA), Kano, N1,266/ltr; Akanu Ibiam International Airport (AIIA), Enugu, N1,271 per litre; Sam Mbakwe International Cargo Airport (SMICA), Owerri, N1,265 per litre; Maiduguri International Airport (MIU) and Sadiq Abubakar III International Airport, Sokoto at N1,329 per litre.

Also, at the Asaba International Airport (SIA), Asaba, N1,307 per litre and goes for N1,307 per litre at Anambra International Cargo Airport (AICA).

On June 4, two major oil marketers had announced downward reviews of the product’s prices to N992 and N1,012 at Lagos Airport and N1,005 and N1,032 for Abuja airport.

One of the companies also announced N1,085 as the product’s price at Maiduguri airport and N1,080 at Yola airport.

Also, on June 11, 2025, the major oil companies once again reviewed the product at various airports.

For instance, at Lagos airport, the product was sold at N1,009; Abuja, N1,055; Kano, N1,073 and Anambra at N1,290 per litre.

Also, on June 12, 2025, aviation fuel was sold at N1,000 per litre in Lagos; Abuja, N1,119; Port Harcourt, N1,122; Kano; N1,130; Enugu, N1,175; Owerri, N1,170; Maiduguri, N1,213; Sokoto, N1,193; Asaaba, N1,182, Anambra, N1,161 and Calabar airport at N1,230 per litre.

Besides, on June 13, after the former review, the oil marketers also announced new prices for the product, varying at different airports.

At the Lagos airport, it was sold at N1,061 per litre; Abuja, N1,099; Port Harcourt, N1,088 and Kano at N1,112.

There are no specific reasons for the fluctuating prices of the product in Nigeria, but searches by our correspondent indicated that the rates of the product is largely determined by the global oil prices, exchange rates and local market conditions despite refining the product in the country.

Commenting on the price of the product locally, Dr. Allen Onyema, the chairman, Air Peace, said that this had become a recurring issue in the Nigerian aviation industry.

According to him, the price of the product and other components largely determine airfares.

Onyema explained that it takes between 3,500 to 4,000 litres to fill the tank of a Boeing 737 from Lagos to Abuja.

He expressed that it would cost an average of N5 million to fill the tank for a less than an hour flight.