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Report: Oil Racketeering Pushes Up Price Of Aviation Fuel

According to investigations, the hike in the price of aviation fuel, also known as Jet A1, was as a result of the large scale racketeering involving oil marketing firms and airlines. At the moment, aviation fuel price oscillates between N180 and N190 per litre, depending on the volume an airline is buying. it was also gathered that some airline license holders who have good credit lines with fuel marketers have assumed the role of secondary distributors. These airlines with operating licenses buy at a relatively cheap rate from the oil marketers, pay almost instantly and resell such to airlines which some of the marketers have classified as bad debtors. It was also revealed that some of the oil marketers have already blacklisted some of the airlines because of their high level of indebtedness, which enables the “middlemen” (non-operating airlines with licenses) to sell at a hefty premium. SOURCE


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