Operators under the Airline Operators of Nigeria (AON) have stated that aviation fuel prices in Nigeria have increased by about 270 percent, describing the development as unique to the country compared to global trends.

The operators said the sharp rise is disproportionate to the increase in crude oil prices worldwide, noting that other countries, including those in Africa, have recorded about 70 percent increase within the same period.

Speaking to the media on behalf of AON after a strategic meeting with government officials and fuel marketers, the Chief Executive Officer (CEO) of Air Peace Limited, Allen Onyema, explained that the situation prompted the intervention of authorities.

AON warned that airlines may be forced to suspend operations if the situation persists, citing rising operational costs and limited access to funds.

According to Onyema, operators expect a resolution within 48 hours as discussions between marketers and regulators continue.

He said, “Again, I’d say, why are we here in the first place? Since the advent of the U.S.-Iran war, there has been a tremendous spike in the cost of aviation fuel in Nigeria, which we in AON, the Airlines of Nigeria, feel is not proportionate to the rise of crude oil, I mean, internationally. Normally, the standard is, if there’s a percentage increase in the price of crude, there will also be a proportionate increase in the price of the by-products, and one of those by-products is aviation fuel. We discovered that it’s only in Nigeria that we have about 270 or 250 percent increase, while in other parts of the world, including African countries, it’s about 70 percent.

“This is why the president and the minister called for this meeting, for us to meet with the marketers face-to-face. We’ve deliberated very hotly today, and they’ve also shared their own, you know, pain points. We’ve shared our own.

“We are going to go back and wait for the outcome of their own deliberation with the regulators. And when they do that, we expect that in the next 48 hours, something drastic is done, because no airline in this country will fly in the next seven days if something is not done. Not because they don’t want to fly, but because the pricing, not only of our tickets, but the pricing of the fuel products that we need to fly in the first place, may not be available to us, because we don’t have the money, borrowed at 35 percent and 30 percent, to continue to pay only fuel marketers to fly.

“The good news, like yesterday, was that the president is listening, and this is very encouraging to us. We are very hopeful. The country should be hopeful, because the president, even while we were there, made a call to his honourable minister.

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