Focal persons have been assigned to work out a structure to resolve Nigeria’s aviation fuel crisis within 72 hours as airlines warn they could shutdown in seven days if nothing changes.
The decision comes after a closed-door meeting between the Aviation Ministry, Airline Operators of Nigeria, oil marketers, and regulators.
The Federal Government has also followed through on its promise to effect a relief on debts owed by the domestic airlines, as President Bola Tinubu has now approved a 30% discount on debts owed to aviation agencies.
Stakeholders have agreed to set up a committee tasked with reviewing pricing frameworks and recommending a fair and workable structure within 72 hours.
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The move is aimed at preventing a full-blown shutdown of airline operations which operators say could happen within the week if urgent action is not taken.
Regulators in the downstream oil sector say they are stepping in to stabilise the situation, describing the crisis as both urgent and critical. The regulators will engage marketers, review the existing pricing template, and identify areas for immediate adjustment to ensure fairness.
All eyes are now on the outcome of the 72-hour talks with regulators, marketers, and airlines under pressure to reach a compromise.
(Editor: Terverr Tyav)
