…“I think by and large, there is some kind of manipulation going on with the marketers,” Ukachukwu said.
ABUJA, NIGERIA- The iNews Times| The Chief Executive Officer of Aviation Africa, Toni Ukachukwu, has alleged that there may be manipulation within Nigeria’s petroleum sector, particularly in relation to the sharp rise in aviation fuel prices.
Speaking during an interview on Arise News, Ukachukwu argued that Nigerians should not be bearing the full brunt of global geopolitical tensions, including the ongoing issues involving the United States and Iran.
He noted that Nigeria produces crude oil locally and now has refining capacity through facilities such as the Dangote Refinery, suggesting that these factors should cushion the country from extreme price shocks.
According to him, while global disruptions may have some impact on the domestic market, they do not justify the reported 300 percent increase in the price of Jet A1 fuel, which has risen to about ₦3,000 per litre.
Ukachukwu expressed concern that the situation could force both domestic and international airlines operating in Nigeria to begin shutting down services from April 20 if urgent action is not taken.
“I think by and large, there is some kind of manipulation going on with the marketers,” he said, adding that although Nigeria is part of the global economic system, the current price surge appears excessive and unjustifiable.
He maintained that while external factors may influence fuel pricing, the magnitude of the increase points to possible distortions within the local market, calling for closer scrutiny of the situation.
