The Dangote Petroleum Refinery has reduced its gantry price for aviation turbine kerosene (ATK), commonly known as jet fuel, to N1,450 per litre.

A source at the refinery confirmed the development on Friday, saying the price was reduced from N1,550 per litre to N1,450 per litre.

According to the source, the adjustment took effect on Tuesday.

The latest reduction comes less than two weeks after the refinery lowered the ex-depot price of premium motor spirit (PMS), also known as petrol, by N75 per litre.

In a circular to oil marketers, the refinery said the petrol price adjustment, which took effect on 16 June, followed developments in the international energy market.

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PETROAN calls for price review

Following the decline in global crude oil prices, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) called on refiners, depot owners and fuel importers to reflect the changes in their ex-depot and retail prices.

The association said lower crude oil prices provide an opportunity for operators in the downstream petroleum sector to reduce prices and provide relief for consumers.

Jet fuel remains one of the major operating costs for airlines, making changes in its price closely watched by operators in the aviation sector.

The Federal Government has intensified efforts to improve revenue collection and reduce leakages by engaging commercial banks to implement the Revenue Optimisation Assurance Platform (RevOp), a digital system designed to enhance transparency and accountability in public finance management.

The initiative was the focus of a sensitisation workshop organised by the Office of the Accountant-General of the Federation (OAGF) in Abuja on Friday.

Speaking at the event, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, represented by the Permanent Secretary for Special Duties, Mohammed Danjuma, said the platform was introduced to modernise government revenue administration and address longstanding inefficiencies associated with manual processes.

According to him, RevOp provides a centralised digital platform that enables government agencies to generate bills, collect payments, monitor transactions, and report revenue in real time.

“RevOp serves as a critical tool in the government’s drive to improve revenue administration, reduce leakages and enhance public sector accountability,” he said.

Mr Oyedele said the government remains committed to deploying technology-driven solutions to strengthen revenue generation and improve financial management across public institutions.

He noted that while the platform has recorded progress since its introduction, implementation challenges persist, particularly among some banking personnel responsible for processing payments.

According to him, inadequate understanding of the platform’s processes by frontline banking staff has affected customer experience and transaction efficiency.

“These challenges, though operational in nature, have significant impacts on the overall customer experience and effectiveness of the initiative. This is precisely why we are here today,” he added.

The minister stressed that commercial banks play a critical role in ensuring the initiative’s success, adding that their responsibilities extend beyond collecting payments to supporting efficient revenue administration.

He urged financial institutions to ensure that knowledge gained from the workshop reaches branch managers, customer service officers and tellers who interact directly with members of the public.

Over 70 per cent of agencies are onboarded

Also speaking, the Director of Revenue and Investment at the OAGF, Adebayo Adewale, disclosed that more than 70 per cent of federal government-owned entities have already been integrated into the platform.

He explained that RevOp was developed as a government-owned solution to eliminate operational silos and streamline revenue collection across ministries, departments and agencies.

According to him, the platform works through existing licensed payment service providers and commercial banks nationwide.

“People will be presenting RevOp-generated bills to commercial banks for payment, and we expect prompt collection,” he said.

The Product Manager of RevOp, Idris Dosunmu, said the platform integrates billing, payment, and settlement processes into a single framework, ensuring greater transparency from bill generation to final remittance.

“This will ensure that every penny due to the federal government goes into government coffers,” he noted.

The Revenue Optimisation Assurance Platform forms part of the Federal Government’s broader public finance reform programme aimed at improving accountability, boosting non-oil revenue and strengthening oversight of public funds.

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Approved by the Federal Executive Council, the platform enables real-time monitoring and reconciliation of government revenues while integrating with other digital financial management systems.

Earlier this month, government officials disclosed that 31 ministries, departments and agencies had already been onboarded onto the platform, with plans to expand coverage across the public sector.

Authorities say the initiative is expected to help curb fraud, improve revenue tracking and strengthen confidence in government financial management systems as Nigeria seeks to increase domestic revenue mobilisation.