O
Oladipo Abiola
Guest
The Minister of Aviation and Aerospace Development, Festus Keyamo, has revealed that Nigerian airline operators would now buy Jet A1 fuels exclusively from Dangote Refinery.
According to Keyamo, the decision is based on an agreement with the airline operators, which has his blessings.
The Minister made the revelation during an interview with Channels TV, which aired on Tuesday.
He explained that the new development, coupled with the government’s naira for crude agreement with Dangote Refinery, will ease the pressure on foreign exchange.
“The airline operators just met recently. With my blessing, it’s a decision from the airline operators in Nigeria that they should only buy from Dangote refinery Jet A1.
“You can see that yesterday we started naira-for-crude purchase with Dangote. It’s all Naira, no Dollar component,” Keyamo said.
He added that the timing of the agreement is right and would also shield airline operators from the impact of crude oil price fluctuations, ultimately reducing their operational costs.
“The price will no longer be subjected to the varying factors of the international market, nor the headwinds of oil price in the international market. It will be in local currency so we can be clear as to the cost of it. We will buy in naira. I’m sure we are going to have access to cheaper Jet A1 fuel,” Keyamo added.
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