Etim Ekpimah
Ibom Air has described the surge in aviation fuel prices as an unprecedented crisis confronting Nigeria’s domestic airlines.
The airline disclosed that the cost of fuelling its aircraft has more than tripled between January and April 27. It noted that the average cost per flight has risen from about ₦2.1 million in January to approximately ₦7.6 million, representing an increase of over 350 per cent within just seven weeks.
Despite operating some of the most fuel-efficient aircraft in the domestic market, the airline said it remains baffled by the sharp rise in aviation fuel prices in Nigeria, which it noted are significantly higher than global benchmarks. It added that this is particularly concerning given that over 95 per cent of aviation fuel is sourced locally from the Dangote Refinery.
Ibom Air further explained that a mix of competitive pressures and a sense of national responsibility has prevented airlines from fully reflecting these increased costs in ticket fares. As a result, domestic carriers have been forced to absorb substantial operating losses.
The airline said it initially expected the situation to ease within a few weeks, but noted that the crisis has persisted for nearly two months, with prices continuing to climb and no relief in sight.
While reaffirming its commitment to maintaining normal operations, Ibom Air warned that the current conditions are unsustainable. It pointed out that airlines in other parts of the world typically respond to rising fuel costs by reducing flight frequencies, even when increases are far less severe than those being experienced in Nigeria.
According to the airline, it may be compelled to adopt similar measures, including reducing capacity, in order to remain operational and continue serving passengers.
Ibom Air cautioned that if the situation persists, airlines may be unable to sustain operations, as revenues would be insufficient to cover anything beyond fuel costs.
The airline called on fuel marketers to urgently review aviation fuel pricing to ensure the sustainability of the airline business in Nigeria.
