Even as the price of petrol has gone up following the removal of fuel subsidy for the federal government, the price of aviation fuel known as Jet A1 has been on a downward slide.
From over N800, aviation fuel dropped to N650 in Lagos and N680 in Abuja from June 1st.
It is slightly higher in Kano and Maiduguri and Port Harcourt.
Yesterday, checks indicated that Jet A1 was sold at N620 in Lagos; N660 in Abuja and N680 in Kano.
“The price is crashing and I think we can’t explain the trend but I want to believe it is the forces of demand and supply that are at play.
“This has been the development since last week when fuel subsidy was removed from Jet A1. It appears this is a spontaneous reaction to developments in the oil and gas market,” said an operator.
The price of Jet A1 skyrocketed beyond what the operators expected, hitting almost N1,000 per litre last year.
