The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigerian National Petroleum Company (NNPC) Limited avaition fuel marketers and the airlines operators have agreed on an interim price of Jet A-1 otherwise known as aviation fuel at N500 per litre.

The agreement was reached at a meeting held at the National Assembly between the leadership of the House led by the Deputy Speaker, Rt. Hon Ahmed Idris Wase, alongside the members of the committee on aviation and the Group Managing Director (GMD) of NNPC Limited, Mr. Mele Kyari, Director General Nigerian Civil Aviation Authority (NCAA), Musa Shuaibu, and NMDPRA.

At the meeting, it was also agreed that all the price would last for 3 days pending the substantive price which would be arrived at in 3 days.

The meeting was in continuation of the investigative hearing following a motion passed by the House on the need to investigate the sudden high cost of aviation fuel, which has created an existential threat to airline operations, sponsored by the chairman House Committee on Aviation, Rep Nnolim Nnaji.

Speaking during the meeting, Wase tasked NNPC, the marketers and airlines operators to work closely to ensure that the prices of avaition fuel are minimized to the bearest minimum.

He said the House as Representatives of the people is more concerned about the welfare and safety of Nigerians and called on the stakeholders to ensure that all issues raised are addressed in a matter of days.

Speaking earlier, GMD of NNPC, Mele Kyari said representations from all sections of the stakeholders would meet and agree on a transparent basis of pricing that would be a reference benchmark that is quoted in the market and with a reference naira exchange rate so that anyone can compete in the market.

He said “the stakeholders can also engage and agree on a premium rate from customer to customer depending on the volume of product bought.

“So, I believe this is something we can negotiate in three days, and it would throw up the actual value of the product in the market and bring an end to the discrepancies in the market.

He added that the airline operators would be given licenses to import the avaition fuel as requested by the airline operators.

He thanked the leadership of the National Assembly for their patriotic response to the issues and assured them that in a matter of days, the scarcity of the product will be over.