“At present, many marketers are reluctant to import jet fuel due to uncertainty. If this continues, we risk having a single dominant supplier emerge, which could result in price manipulation and market inefficiencies,” Aisuebeogun said.
The former FAAN boss, who is also co-founder of Geometric Aviation Synergy Services Ltd, stressed the importance of robust regulatory oversight to ensure fair competition and prevent monopolistic practices in the aviation fuel supply chain.
“We must avoid running from one problem only to fall into another. Price control becomes difficult under monopolistic conditions. Effective regulatory oversight is key to ensuring fair competition, market stability, and consumer protection,” he said.
Aisuebeogun also highlighted the role of domestic refining in addressing supply challenges. He emphasized that establishing new refineries and rehabilitating existing ones would be critical to reducing import dependency, stabilizing supply, and enhancing quality control of aviation fuel.
“The commission of a new refinery and the rehabilitation of existing ones are pivotal in achieving sustainable production of jet fuel. Domestic refining, if done adequately, will reduce import dependency, stabilize supply, and improve quality control—all under the supervision of regulatory agencies,” he noted.
Also speaking at the event, industry expert Group Capt John Ojikutu urged the Federal Government to repair the nation’s aging fuel pipeline, stressing that such action is essential for the security and sustainability of the aviation fuel sector.