Bonny Light Energy and Offshore Limited, a local energy company, says it will supply 60 million litres of aviation turbine kerosene (ATK) into the Nigerian market to fill the gap in the Aviation industry within six months.
For many months, airlines have been complaining about the high cost of aviation fuel following the Ukraine-Russia war. This has disrupted flight operations locally and internationally with airlines raising fares.
Toyin Banjo, CEO of Bonny Light Energy and Offshore Limited, said the company’s response aligns with its desire to salvage the Nigerian aviation sector from the challenges it faces in regard to the fuel shortage that is ravaging the global airline industry.
Banjo said the company’s action is geared towards helping Nigeria build on its reputation as a country with stable aviation industry, especially as it is the economic hub of Africa.
“We strongly believe that this corporate action will positively affect the supply crisis in Nigeria’s aviation industry and provide much-needed relief in the already strained sector,” said Banjo.
The inability of the Nigerian government to fix its ailing refineries means that aviation fuel used in the country is imported. Local orders face international competition leaving airlines scrambling.
Banjo said his company understands the complexities of the global aviation industry, as well as the existence of numerous factors which may impede the fulfilment of its projection.
“Some of these constraints include the paucity of foreign exchange, poor competitive currency lines by banks to support importers and marketing companies, and high logistics costs for transhipment or trans-loading of time-critical products.
“Despite these factors, we will continue in our strides, having supplied the market with similar volumes in the last quarter, ensuring that the projected volumes are achieved as an enduring solution to this supply gap in our aviation industry, especially in the imminent ‘Ember’ Months and the electioneering season,” he said.
Bonny Light Energy and Offshore Ltd is an emerging corporate in Nigeria’s indigenous exploration, production, pipeline transportation, strategic storage, and marketing of petroleum products.
Over the years, the company has built expertise in the upstream, downstream, and midstream sectors of the oil and gas industry in Nigeria, trading in both crude and refined petroleum products, which include Motor Fuels (Gasoline), Industrial Oils (AGO/Gasoil, Baseoil LPG) Aviation Fuels (ATK), Lubricants and various other specialist oils (Bitumen).
