Due to the high cost of jet fuel, Nigerian airlines will suspend operations beginning Monday until further notice, according to the Airline Operators of Nigeria association.
Domestic flights have been interrupted since March, when some airlines began canceling domestic flights while others delayed operations due to jet fuel shortages.
After Russia’s invasion of Ukraine prompted a boom in the crude oil market, global jet fuel costs have surged, putting airlines and passengers at risk.
In Nigeria, jet fuel has climbed to 700 naira per litre from 190 naira in a short period, according to the airline association, which claims that the cost of a one-hour trip has more than quadrupled to 120,000 naira, which is unsustainable.
Passengers on Nigerian airlines pay in naira, which has depreciated dramatically owing to devaluations. However, fuel providers are paid in dollars, which are a rare currency in Africa’s largest economy.
The continuous rise in the cost of jet fuel, according to the group, has caused operational difficulties that have questioned their financial viability.
“To this end, the Airline Operators of Nigeria (AON)… informs the general public that member airlines will cease operations countrywide on Monday, May 9, 2022, until further notice,” it added.