Recent events have profoundly impacted the airline sector in Nigeria, with flight ticket prices soaring due to the shortage of aviation fuel. According to an NBS report, airfare costs increased by 95.01% in 2022, reaching ₦81,334.05 in November 2023 compared to ₦73,270.27 in November 2022.
The dramatic rise in the price of aviation fuel, from ₦250 per liter in February 2022 to ₦1,530 in December 2023, has a direct impact on air travel costs. Airlines like Air Peace have had to review their prices, with round-trip tickets between Lagos and Abuja now going for between ₦100,300 and ₦162,000, well above the old prices of between ₦55,000 and ₦65,000.
The COO of United Nigeria Airlines, Osita Okonkwo, has pointed out that rising foreign exchange costs are worsening the situation in the airline industry. He also pointed the finger at airports run by private entities, such as Asaba, which have increased their fees, thereby putting a burden on airlines.
It is clear that these new economic challenges directly impact travelers, who now have to face exorbitant prices to fly. It is essential to closely monitor the situation and consider solutions to mitigate costs for travelers and airlines.
For more information on the impact of the aviation fuel shortage in Nigeria and the solutions being considered, see our previous articles on the air transport crisis in the country. Don’t forget to stay informed of the latest news to understand the economic issues and the consequences for travelers.