Flight Fares To Surge Amidst Record High JetA1 Fuel Prices At ₦1,530/litre

The aviation sector in Nigeria is currently grappling with a significant challenge that is poised to directly affect airline passengers. At the heart of this issue is the soaring cost of JetA1 fuel, a vital component for airline operations, which has skyrocketed to an unprecedented ₦1,530 per litre. This sharp spike in fuel prices is anticipated to translate into a direct impact on the cost of flight tickets, leaving passengers to brace themselves for a fresh round of ticket price hikes.

This surge in JetA1 fuel costs didn’t happen overnight but is part of a concerning trend observed over recent years. In February 2022, the price of aviation fuel stood at approximately ₦250 per litre, only to surge to ₦900 per litre by December 2023. Within a mere two months, the price further escalated to ₦1,530, underscoring the volatility and rapid escalation in fuel expenses.

This unfolding scenario has triggered a corresponding surge in aviation ticket prices, with a staggering 95.01% increase witnessed in 2022 due to aviation fuel scarcity. According to the NBS Transport Fare Watch, air travel costs surged by 11.01% to ₦81,334.05 in November 2023 compared to ₦73,270.27 in November 2022.

In response to the mounting operational costs, airlines have been compelled to adjust their ticket prices accordingly. For instance, Air Peace’s booking portals have seen outbound and inbound one-way tickets from Lagos to Abuja fixed between ₦100,300 to ₦162,000, a significant jump from the previous range of ₦55,000 to ₦65,000. Similarly, economy flexible category tickets from Lagos to Enugu were priced at ₦100,300, while Business class tickets on the same route ranged between ₦250,000 and ₦300,000.

Amidst these developments, stakeholders in the aviation industry, including operators like United Nigeria Airlines’ Chief Operating Officer, Osita Okonkwo, have voiced their concerns over the escalating costs. Okonkwo highlighted various challenges confronting the industry, such as the mounting forex costs and increased charges at privately managed airports like Asaba. He underscored the financial ramifications of delayed operations into Asaba, where landing after 7:05 pm incurs an additional ₦500,000 charge, doubling to ₦1 million past 8 pm.

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