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
-
Gov’t spokesperson on governance & security calls for probe into ballot paper errors
28 seconds -
Free dialysis treatment to be available in 40 facilities from December 1 – NHIA CEO
14 mins -
NHIA will need GHC57 million annually to fund free dialysis treatment – NHIA CEO
20 mins -
MELPWU signs first-ever Collective Agreement with government
46 mins -
I’ve not been evicted from my home – Tema Central MP refutes ‘unfounded’ reports
47 mins -
After Free SHS, what next? – Alan quizzes and pledges review to empower graduates
1 hour -
Wontumi FM’s Oheneba Asiedu granted bail
1 hour -
Alan promises to amend the Constitution to limit presidential powers
2 hours -
Ghana to face liquidity pressures in 2025, 2026 despite restructuring most of its debt – Fitch
2 hours -
NPP’s record of delivering on promises is unmatched – Bawumia
2 hours -
Mahama: It’s time to dismiss the incompetent NPP government
2 hours -
Today’s front pages: Monday, November 25, 2024
2 hours -
T-bill auction: Government misses target again; interest rates continue to rise
2 hours -
We have a bad technical team; Otto Addo and his team should go – Ernest Thompson
3 hours -
Hindsight: Why Accra Lions’ present problems do not define them
4 hours