Akwa Ibom State-owned carrier, Ibom Air, has raised concerns over the sharp rise in aviation fuel prices across Nigeria, saying the cost is far higher than what is obtainable in many other countries.
The airline urged fuel suppliers and marketers to review their pricing structure, warning that the current situation could threaten the sustainability of airline operations in the country.
Speaking in a statement issued in Uyo on Monday, the Group Manager for Marketing and Communications, Aniekan Essienette, said the continuous rise in fuel costs may force the airline to cut down the number of flights it operates.
She explained that the cost of fueling aircraft has risen drastically, noting that what was about ₦2.1 million per flight in January has jumped to approximately ₦7.6 million per flight as of April 27, representing more than a 350% increase within just a few weeks.
According to her, domestic airlines are struggling to understand why aviation fuel prices in Nigeria remain significantly higher than in other parts of the world, especially when a large portion of supply reportedly comes from local sources.
She added that despite rising costs, Ibom Air has chosen not to increase ticket prices for passengers, absorbing the financial pressure in order to maintain fair pricing and support customers.
However, she warned that the situation has become difficult to sustain, as the airline and others in the sector continue to operate at heavy losses due to fuel expenses.
Essienette noted that airlines had initially hoped the price increase would ease within a short period, but the situation has persisted for weeks with no improvement.
She further stated that if the trend continues, airlines may be forced to take difficult decisions such as reducing flight capacity in order to stay operational.
According to her, continued high fuel costs could eventually make it impossible for airlines to operate normally if they are only working to cover fuel expenses without making enough to sustain other parts of the business.