Dangote Refinery has been granted permission by the federal government to serve as the exclusive provider of jet fuel to airline operators in Nigeria.
Festus Keyamo, the minister of aviation and aerospace development, made this known on Tuesday, October 8, 2024 in an interview with Channels TV.
Keyamo disclosed that the airline operators had decided to designate the 650,000 barrels per day refinery as the only supplier of jet fuel for the aviation industry, with his support and agreement.
He pointed out that the action is timely given that Dangote and the federal government recently implemented a naira-for-crude arrangement.
The minister said that this arrangement will lessen the strain on Nigeria’s foreign exchange.
According to Keyamo, aircraft operators would be protected from the effects of changes in the price of crude oil by obtaining their fuel from Dangote, which would ultimately result in lower operating expenses.
TimesNow.com.ng earlier reported that Robert Dickerman, CEO of Pinnacle Oil & Gas Limited, advised the federal government to address economic distortions and international investors’ confidence to reduce the country’s pump price of fuel.
His advice came amid rise in petrol price despite supplies from Dangote Refinery. Dickerman asked Nigerians to reduce their expectations that the Dangote Refinery would bring substantial reductions in petrol prices in the country.
He also ascribed the rising cost of petrol and other commodities in Nigeria to the devaluation of the local currency.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
