The price of aviation fuel in Nigeria has risen to N315/litre.
Lately in Northern parts of the country, the fuel sold for N315 per litre at airports and above N220 in the South. This is an increase from N215 and N300/per litre in the Southern and Northern airports, about a month ago.
This increase in aviation fuel has been attributed to weak Naira-to-Dollar exchange rate and over reliance on importation.
Fluctuations in the global price of crude oil, the exchange rate, local charges and fees would continue to affect the price of aviation fuel, until there is a renewed effort to refine the product locally, fuel marketers have said.
In order to cope with this increase in cost of aviation fuel, airlines have been forced to increase fares with an hour flight on an economy class, selling for over N65, 000.
Rabiu Abdulmutalib, General Manager, TotalEnergies Nigeria, said importation of the product for local consumption, high investment in logistics and high cost of aviation fuel handling equipment, hydrant dispenser/servicers and filtration systems have all contributed in raising the cost of the commodity in Nigeria, comparatively higher than in some non-oil producing African countries.