Nigerian airlines suspend operations due to rising jet fuel costs

Nigerian airlines will cease operations from Monday until further notice due to the high cost of jet fuel, the Air Operators Association of Nigeria announced on Friday. Domestic flights have been halted since March, with some beginning to cancel internal schedules while others have delayed operations, citing jet fuel shortages.

Global jet fuel prices soared after Russia’s invasion of Ukraine sparked a surge in the crude oil market, hitting airlines and passengers with steep cost increases. Jet fuel has risen from 190 naira to 700 naira per liter in Nigeria over a short period, the airlines association said in a statement, saying the cost of a one-hour flight has more than doubled to 120 000 naira, which is unsustainable.

Airline passengers in Nigeria pay their fares in naira, which has weakened sharply due to devaluations. Fuel suppliers, however, are paid in dollars, a rare currency in Africa’s leading economy. The association said the continued rise in the cost of jet fuel has created operational pressures that call into question their financial viability.

“To this end, the Air Operators of Nigeria (AON)…advises the general public that member airlines will halt operations nationwide effective Monday 9th May 2022 until further notice,” he said. .

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

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