Fuel Subsidy: Kerosene And Cooking Gas Prices Are Falling

The price of jet fuel, known as Jet A1, has been trending downward since the federal government removed fuel subsidies.

As of June 1, jet fuel has fallen from 800 to 650 in Lagos and N680 in Abuja.

Slightly higher in Kano, Maiduguri and Port Harcourt.

An inspection yesterday revealed that the Jet A1 had been sold in Lagos for N620. N660 in Abuja, N680 in Kano.

“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.

“This has been the development since last week when fuel subsidy was removed from Jet A1. It appears this is a spontaneous reaction to developments in the oil and gas market,” said an operator.

The price of Jet A1 skyrocketed beyond what the operators expected, hitting almost N1,000 per litre last year.