The Airline Operators of Nigeria (AON) has confirmed a sharp increase in the price of Jet-A1 aviation fuel, putting serious financial pressure on domestic airlines across the country.
According to industry reports, the price of aviation fuel has risen dramatically in a short time. Two weeks ago, Jet-A1 was selling for about N1,000 per litre, but it has now increased to around N1,800 per litre in many parts of Nigeria. This represents an increase of about 80 percent.
Aviation fuel is the most expensive part of airline operations, making up about 30 to 35 percent of total operating costs for airlines. Because of this, the sudden price rise is creating serious challenges for airline companies trying to maintain their services.
Industry experts say the latest price increase is connected to the ongoing conflict in the Middle East, which has pushed global energy prices higher.
Speaking on Channels Television, the spokesperson for AON, Obiora Okonkwo, explained that the situation has placed airlines under heavy financial strain.
He revealed that although airlines are struggling with the rising cost of fuel, many operators have not yet transferred the extra cost to passengers by increasing ticket prices.
Okonkwo stated that the sudden jump in fuel price is a major concern for the aviation sector, as airlines continue to face increasing operational expenses.
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