Audio By Carbonatix
Nigerian airlines will stop operations from Monday until further notice due to the high cost of jet fuel, the Airline Operators of Nigeria association said on Friday.
Domestic flights have been disrupted since March as some started to cancel internal schedules while others delayed operations, citing scarcity of jet fuel.
Global jet fuel prices have soared after Russia's invasion of Ukraine triggered a surge in the crude oil market, hitting airlines and passengers with steep cost increases.
Jet fuel has risen to 700 nairas per litre in Nigeria from 190 nairas over a short period, the airline association said in a statement, saying that the cost of a one-hour flight has more than doubled to 120,000 naira, which is unsustainable.
Airline passengers in Nigeria pay for fares in naira, which has weakened sharply due to devaluations. Fuel suppliers however are paid in dollars, a scarce currency in Africa's top economy.
The association said the continued rise in the cost of jet fuel has created operational pressures that put into question their financial viability.
"To this end, therefore, the Airline Operators of Nigeria (AON) ... inform the general public that member airlines will discontinue operations nationwide with effect from Monday, May 9, 2022, until further notice," it said.
Latest Stories
-
Government raises GH¢3.15bn in 4-year bond at 12%
6 minutes -
Ampem Darkoa Ladies set sight on CAF Champions League return with Edo Queens the hurdle
21 minutes -
Government unveils five-pillar plan to build resilient economy
22 minutes -
GJA opens entries for 30th Media Awards, introduces 2 new categories
27 minutes -
Ghanaian winger Ibrahim Sadiq joins Colorado Rapids in MLS
39 minutes -
Sister Love by Naina J.M.D. draws international praise ahead of October release
41 minutes -
Ghana Gas CEO calls for more investment in gas infrastructure
1 hour -
Joy FM Back-to-School Discount Fair 2026 opens
1 hour -
I’m not impressed by Ghana coach Carlos Queiroz – Odartey Lamptey
1 hour -
I’m honoured to play at my second U-20 Women’s World Cup – Alex Tay
1 hour -
8 feared dead as illegal mining pit collapses at Domi Keniago
1 hour -
Eighth suspect arrested over fatal New Winneba violence
1 hour -
Commercial fire at Agringanor brought under control by GNFS
1 hour -
Mortgage repayments and existing debts should not exceed 50% of income – Republic Bank
1 hour -
Republic Bank to offer up to 100% mortgage financing at JoyNews Habitat Fair clinic.
2 hours