Major Energies Marketers Association of Nigeria (MEMAN) have debunked the claim of the Airline Operators of Nigeria (AON) that a litre of Jet A1 costs as high as N3,300 per litre in the domestic market.

Meanwhile, Nigeria’s revenue from crude oil is set to get a major boost, as its crude grades hit $113 per barrel yesterday, way above the international Brent’s $96 per barrel.

This was as the International Energy Agency (IEA) warned that Europe might have just six weeks of jet fuel left, as the airline industry grapples with supply disruptions linked to the Middle East conflict.

MEMAN, in a letter addressed to AON yesterday, insisted the figure claimed by the airline operators was significantly above prevailing market realities.

The letter, signed by the Executive Secretary, MEMAN, Clement Isong, said its internal market survey showed that the quoted price was more than N1,000 higher than the average rate presently obtainable in the market.

He raised concerns about supply channels and pricing transparency.

While acknowledging the severe pressure on operators, MEMAN attributed the surge in aviation fuel prices to external shocks, particularly the ongoing tensions in the Middle East, which disrupted global supply chains and pushed up the cost of refined petroleum products.

According to the association, the ripple effect of the crisis had been profound, with domestic transportation and logistics costs rising by about 50 per cent, thereby further compounding the final price of aviation fuel in Nigeria.

MEMAN noted that supply constraints and elevated international prices continued to shape local market dynamics, adding that the distribution of Jet A1 was inherently more expensive than other petroleum products due to strict safety and quality requirements.

However, the association distanced itself from any uniform pricing structure, stressing that its members operate in a competitive market and do not engage in price-fixing, in line with existing competition laws.

It therefore advised airline operators purchasing fuel at significantly higher rates to “exercise their commercial rights” by sourcing from alternative suppliers offering more competitive pricing.

Isong further urged airlines to abandon spot market purchases and instead adopt long-term contractual arrangements with fuel suppliers.

AS of 9.34 p.m. WAT on April 16, market data showed that Nigerian crude grades, Brass River and Qua Iboe, sold for $105.56 and $105.46 per barrel, respectively.

On the other hand, Brent sold for $98.16 per barrel, from the last trading session on Wednesday.

The development comes as Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on the sidelines of the International Monetary Fund (IMF) and World Bank Group spring meetings in Washington, on Wednesday, said Nigeria’s crude oil production has hit 1.8 million barrels per day.

Also, Edun, at the Islamic Development Bank (IsDB) Group Day in Lagos, recently, said rising crude production would boost the country’s revenue, foreign exchange and the fiscal situation.

“It gives us that extra fiscal space within which to look at helping the vulnerable households at this time,” he said.

Rising global crude oil prices will see Nigeria’s revenue increase, as the Federal Government set the 2026 oil benchmark at $60 per barrel.

The United States dollar held near its lowest level since early March against major currencies yesterday, as hopes for a peace deal with ‌Iran buoyed sentiment and encouraged traders to shed safe-haven positions.

The dollar index, which measures the currency’s strength against six major peers, was steady at 97.969. It declined for eight straight sessions through Wednesday to give up most of the gains sparked by the war.

Nigeria’s crude oil revenue in 2025 was estimated at roughly N55.5 trillion, driven by approximately 530.41 million barrels produced.

HEAD of the IEA, Fatih Birol, in an interview with the Associated Press yesterday, said a blockade of the Strait of Hormuz could trigger the “largest energy crisis” ever experienced.

Birol said the disruption would have far-reaching implications for the global economy, warning that prolonged supply constraints could worsen inflation and slow economic growth.

He added that the impact would be felt across energy markets, with higher petrol, gas, and electricity prices, noting that some regions would be hit harder than others.

The IEA chief had earlier warned that supply shortages could intensify in April, with oil losses expected to double compared to March, raising the risk of energy rationing in some countries.

On April 5, the Airports Council International Europe said the crisis could disrupt peak summer travel, warning of “harsh economic impacts” for countries reliant on aviation-driven growth.

Nigeria is also not left out of the scarcity of jet fuel, as AON warned that all domestic airlines might suspend operations from April 20 over the rising cost of aviation fuel.