Local airfares’ baseline appreciates by 63 per cent, in response to spike in price of aviation fuel, attendant cost of operation.
Written by News Room on February 21, 2022
Local airfares’ baseline appreciated by 63 per cent, at the weekend, in response to a spike in the price of aviation fuel and attendant cost of operation.
The upward adjustment pegged the minimum Economy Class ticket at around 50,000 Naira for future flights, with ‘today’s flight’ travellers buying the same one-hour, one-way economy tickets at an average of 80,000 Naira each.
A visit to airlines’ counter at the Lagos airport, on Saturday, showed some intending passengers expressing shock at the new rates. Quite a number of them weighed their travel options.
With aviation fuel increasing by over 100 per cent in the last one year, the upswing in base fares has been long in coming.
Jet A1, accounts for between 30 to 40 per cent operating cost. It sold for an average of 190 Naira/litre a year ago but now sells for between 420 Naira and 429 Naira per litre at some airports nationwide.
Consequently, the base fare that cost an average of 30,000 Naira across most commercial airlines has also pushed up to above 50,000, Naira with operators describing the move as a commercial decision to survive the harsh economic realities.