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Aviation fuel to sell at N500/liter as NNPC announces new pact with airlines, oil marketers

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By Oludare Mayowa

 

Aviation fuel is expected to sell at N500 to a liter in the next couple of days, according to an agreement brokered between the oil marketers and Airline Operators by the state-oil firm NNPC and the House of Representatives on Monday.

“The @HouseNGR  and #NNPC Ltd earlier today (Monday) brokered an interim agreement between Oil marketers and Airline operators in a bid towards resolving the current aviation fuel situation in the country,” the state-oil firm wrote on its official Twitter handle on Monday.

The Group Managing Director of NNPC Limited, Mele Kyari said that an interim agreement has been reached that oil marketers would sell jet fuel at N500 per liter to airlines in the next three to four days and then switch to a new formular that everyone can assess and compute.

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Domestic airline operators had warned that they may shut down operations in the next three days over the high cost of aviation fuel.

According to the Vice President, Airline Operators of Nigeria, Allen Onyeama, who also is the Chairman of Air Peace, with the current cost of fuel, they cannot sustain their operations.

“We agree that in the interim, they (oil Marketers) would sell for in the next three days N500 to a liter and on day three of four they will switch to a new formular that everyone can assess and compute,” Kyari said.

He also disclosed that the authority will grant the request of the Airline operators Association of Nigeria (AOAN) licence to import petroleum product so that they can have a away of benchmarking sales from other customers and bring in cheaper product whenever it is possible.

 

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