Akwa Ibom State-owned airline, Ibom Airlines Limited has raised alarm over the skyrocketing price of aviation fuel in Nigeria unlike in other climes.
It urged Nigerian fuel marketers to reconsider the pricing of aviation fuel to make the airline business model continue to work in the country.
Group Manager, Marketing and Communication of Ibom Airlines, Aniekan Essienette who noted this in a statement in Uyo on Monday said if the price continues to worsen, they’ll have no option than to reduce the number of flights in operation.
Reiterating the unbearable cost of fueling their aircraft, Essienette said, “From an average of N2.1m per flight in January, as at today, the 27th of April, we are paying approximately N7.6m to fuel every flight. This is a more than 350% increase since the beginning of March, a space of just 7 weeks!”
She explained that domestic airlines are in awe of why the price of aviation fuel in Nigeria is way above the rest of the world, while the fuel marketers obtain 95% or more of their aviation fuel from Dangote Refinery.
The Spokesperson said based on the twin factor of patriotism and competitive pressure, Ibom Air, has refused to increase the price of its fares, adding that the company as well as other domestic airlines had to absorb the immense operating losses resulting from the situation.
The statement added, “We chose to do this believing that the crisis would pass in a week or two, but it has persisted now for nearly two months, continuously increasing, with no reprieve in sight as at today. While we continue to do everything we can to maintain normal operations, it is clear to us that the current conditions are unsustainable.
We, too, will have to take whatever ameliorating actions we can in the days ahead, including reducing our capacity if necessary, to be able to continue to provide services to our customers and our country. We also note that, if this situation persists much longer, airlines will not be able to continue operating just to pay for fuel and nothing else.”
