Ibom Air has raised fresh concerns over the escalating cost of aviation fuel in Nigeria, revealing that it now spends about N7.6 million to fuel a single flight, a sharp increase that highlights growing pressure on domestic airlines.
The airline said the surge in fuel prices has reached unprecedented levels, warning that continued increases could force carriers to reduce flight operations in order to remain viable.
In a statement issued on Monday, Ibom Air said the cost of aviation fuel has more than tripled in just a few months, rising from an average of N2.1 million per flight in January to N7.6 million as of April 27.
“The fuel price situation is an unprecedented crisis for Nigeria’s domestic airlines. At Ibom Air, the cost of fueling our aircraft has more than tripled between January and today,” the statement said.
The airline described the development as a more than 350 per cent increase within a seven-week period, noting that even with fuel-efficient aircraft, operating costs have become increasingly difficult to manage.
“This is a more than 350 per cent increase since the beginning of March, a space of just seven weeks,” it added.
Ibom Air also expressed concern over the disparity between local fuel prices and global trends, pointing out that most aviation fuel marketers in Nigeria source about 95 per cent of their supply locally.
“At this point, domestic airlines are baffled at why the price of aviation fuel in Nigeria has ballooned to this level, way above the rest of the world, while the fuel marketers obtain 95 per cent or more of their aviation fuel from Dangote Refinery,” the airline said.
The airline explained that despite the sharp increase in costs, it has been unable to fully adjust airfares due to competitive market conditions and efforts to avoid placing additional burden on passengers.
“The situation is exacerbated by the fact that a combination of competitive pressures and patriotism has prevented a commensurate increase in our fares,” it noted.
According to Ibom Air, operators initially expected the fuel price spike to be temporary, but the situation has now persisted for nearly two months with no sign of relief.
“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,” the statement said.
The airline warned that the current operating environment is no longer sustainable and may force difficult operational decisions, including potential reduction in flight capacity.
“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,” it said.
Ibom Air cautioned that if the situation continues, airlines may struggle to remain operational without passing costs on to passengers or cutting services.
“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,” it warned.
The airline called on fuel marketers to review pricing structures urgently to ensure the sustainability of airline operations in the country’s aviation sector.