07 Jun Jet Fuel, Cooking Gas Prices Crash
The price of aviation fuel known as Jet A1 has been on a downward slide as soon as the fuel subsidy was removed which jacked up the price of premium motor spirit (pms). Aviation fuel price crashed from over N800 a liter to N650 in Lagos and N680 in Abuja from June 1st while slightly higher in Kano and Maiduguri and Port Harcourt.
“The price is crashing and I think we can’t explain the trend but I want to believe it is the forces of demand and supply that are at play,” officials said.
The price of Jet A1 skyrocketed beyond what the operators expected, hitting almost N1,000 per litre last year.
An official said the reduction in price of Jet A1 is a respite to airlines.
Similarly, the price of cooking gas has dropped with 12.5 kg crashing from about N14,000 to N6,950 in Lagos and about N8,000 in other states as at yesterday.
Checks at different locations yesterday indicated that the cooking gas sells at about N700 to N800 per kg as against over N1,000 a few weeks ago.
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