The Nigerian Airline Operators Association has declared that it would cease operations on Monday owing to rising fuel prices. Beginning Monday, about 225 flights operated by nine airlines will be cancelled.
The association Airline Operators of Nigeria notified the executive directors of nine Nigerian airlines in a letter that it will cease commercial operations due to the high cost of jet A1 fuel.
Max Air, Ibom Air, Aero Contractors, Overland Airways, Air Peace, United Nigeria Airlines, Arik Air, Azman Air, and Dana Air all signed the letter. It was submitted to Nigeria's Aviation Minister.
From January to May, the price of aviation gasoline increased by about 370 percent, from N190 (about US$46 cents) to N700 (about US$1.69) per litre.
Fuel prices have risen globally in 2022. The price of jet fuel concluded at US$174.4 a barrel, up 149.4 percent over the previous year, according to the International Air Transport Association.
The Airline Operators of Nigeria said, “No airline in the world can absorb this kind of sudden shock from such an astronomical rise over a short period. While aviation fuel worldwide is said to cost about 40% of an airline’s operating cost globally, the present hike has shut up Nigeria’s operating cost to about 95%.”
Nigerian airlines will suspend nationwide operations on Monday, September 9, 2022, until further notice. The Nigerian Civil Aviation Authority had not yet issued a statement on the subject when this information was published. The African Civil Aviation Commission (AFCAC) has also yet to issue a statement regarding the Nigerian Airline Operators' decision to suspend all commercial flights next week.