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Oil Marketers To Meet Over Increasing Aviation Fuel Prices -NNPC

Oil Marketers To Meet Over Increasing Aviation Fuel Prices -NNPC

The Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) would meet on Thursday, March 17, 2022, with airline operators in the country to determine and agree on a transparent basis for aviation fuel prices.

The meeting would be a sequel to a series of complaints by Airline Operators of Nigeria (AON) and its members, over the instability in the prices of aviation fuel and its alarming cost.

Amongst the AON members that expressed their displeasure with the alarming aviation fuel prices is Allen Onyema, the Chief Executive Officer (CEO) of Air Peace, who disclosed that in less than three days, airlines in the country would ground their operations.

“I wish to announce that if they don’t come down from their rooftop, we have only three days more to operate,” he said.

Responding to the concerns from Onyema and his colleagues in the aviation sector, Mele Kyari, the General Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC), stated that the representatives of the oil marketers’ association and airline operators would meet to deliberate on the benchmark for pricing to achieve transparency and price alignment.

His words: “In the next three days, representations from MOMAN, DAPPMAN and the airline operators would sit down and agree on a transparent basis for pricing, which means that they have to have a reference benchmark that is quoted transparently in the market.

“They will have a reference exchange rate for the naira so that anyone can compute and so they will also engage and agree on a premium, which differs from customer-to-customer, depending on the volume of the products you buy, and then the credit limit you are ready to do.

“So this is one thing that they can negotiate in three days and close so that going forward there is a transparent basis of pricing.

“This would no doubt throw out the actual value of the product in the market. You would not see these huge discrepancies that we have seen where some people are selling at N445 and some are selling at N630. This will completely bring it to almost closure that you will not see such differences.”

About Author

Damilare Famuyiwa is a journalist and media consultant with over seven years experience. Trained at the Nigerian Institute of Journalism (NIJ), he has since been actively covering different beats, which include finance, showbiz, and music. You can reach him on [email protected]

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