Dangote Petroleum Refinery & Petrochemicals has slashed the price of aviation fuel (Jet A1) from N1,750 to N1,650 per litre, a move designed to ease the financial burden on airlines and guarantee steady fuel supply nationwide.

According to a statement made available to the Nigerian Tribune on Monday, the refinery is also offering a 30-day interest-free credit facility backed by bank guarantees for marketers and airline operators, alongside a switch from dollar-denominated pricing to a naira-based model.

The interventions come as domestic carriers continue to grapple with soaring operational costs, with aviation fuel taking up a significant share of airline expenditure. Industry stakeholders had repeatedly raised the alarm over rising Jet A1 prices, warning that the trend was pushing operators to the financial edge and threatening the viability of flight operations across the country.

The refinery’s latest pricing decision is expected to lower fuel procurement costs for airline operators, stabilise operations and help moderate airfares for passengers.

The development comes days after Dangote Group President Aliko Dangote revealed that the company turned down attempts by the Nigerian National Petroleum Company (NNPC) to acquire more shares in the refinery beyond its current 7.25 per cent stake.

Dangote made the disclosure during an interview with Nicolai Tangen, chief executive officer of the Norwegian Sovereign Wealth Fund, while discussing plans to open up ownership of the refinery through a future public listing.

He said the decision was driven by the company’s desire to allow broader public participation rather than concentrating ownership among a few investors, adding that although NNPC had shown interest in expanding its stake, the refinery’s owners preferred a structure that would allow ordinary Nigerians to invest once the facility goes public.

“If you look at our refinery, the national oil company already owns 7.25 per cent, and they are trying to buy more. We are the ones that said no; we want to now spread it and have everybody be part of it,” Dangote said. (Nigerian Tribune)

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