The price of Jet A1, known locally as aviation fuel, has jumped to about N265 per liter in Nigeria. This is despite a drop in the international market. The situation has provoked panic in the sector, with many suggesting that more airlines could be forced to close shop.
In Kano, Kaduna and other states in the north, the price of the product currently ranges between N255 and N265 per liter. In Lagos, it sells for between N240 and N250, depending on the quantity being bought and the marketer doing the selling.
Just about two weeks ago, the product sold for N220 per liter in Lagos and N230 in airports outside Lagos.
Between January and February 2016, a liter of Jet A1 cost N120, implying that the cost has risen by over 110 percent increase in 12 months.