Robert Besser
10 May 2022, 13:15 GMT+10
LAGOS, Nigeria: Nigeria's national airlines will suspend operations beginning this week until further notice due to the rising cost of jet fuel.
Citing scarce supplies of fuel, domestic flights have been disrupted since March, with some airlines canceling domestic schedules.
After Russia's invasion of Ukraine caused a price surge in the crude oil market, global jet fuel prices have soared, increasing costs significantly for both airlines and passengers.
In a statement, the airline association said jet fuel prices rose to $1.68 per liter in Nigeria from 45 cents, and the cost of a one-hour flight has more than doubled to $297.
Airline passengers in Nigeria pay for fares in naira, which has weakened sharply due to devaluations. Meanwhile, fuel suppliers are paid in dollars, which is scarce in Nigeria, which remains Africa's leading economy.
The association said the continued rise in the cost of jet fuel has created operational pressures that put into question the airlines' financial viability, stating, "To this end, therefore, the Airline Operators of Nigeria informs the general public that member airlines will discontinue operations nationwide with effect from Monday, 9th May, 2022 until further notice."
Get a daily dose of Malaysia Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Malaysia Sun.
More InformationSHAN STATE, Myanmar - According to an officer who participated in the assault, two local defense forces have destroyed a ...
DHAKA, Bangladesh - A senior Bangladeshi minister has floated a set of proposals that he believes will accelerate the implementation ...
KATHMANDU, Nepal - India's Prime Minister Narendra Modi will arrive in Nepal Monday on an official visit, leading an 11-member ...
TUNIS, Tunisia - The Tunisian navy said Saturday that it rescued 81 migrants, including 32 Bangladeshis, sailing from Libya to ...
KATHMANDU, Nepal - A retired Air Force colonel from the United States climbed the world's highest mountain on Friday morning, ...
ISLAMABAD, Pakistan - Prime Minister Shehbaz Sharif will visit Abu Dhabi Sunday to express condolences on the death of UAE ...
ROME, Italy: Italy has announced plans to sell state-owned ITA Airways, the successor to Alitalia, by the end of June, ...
SYDNEY, NSW, Australia - Stocks struggled for direction in Asia on Monday. Early gains evaporated later in the data, although ...
BEIJING, China: China's Green Valley Pharmaceutical company has prematurely ended an FDA approved study on its GV-971 to treat mild ...
SILAO, Mexico: U.S. automaker General Motors (GM) has agreed to raise wages by 8.5 percent, following negotiations with a new, ...
ZAGREB, Croatia: Croatian lawmakers have voted to allow the introduction of the euro currency in 2023. Lawmakers voted 117-13 to ...
TEHRAN, Iran: Iran has abruptly raised prices as much as 300 percent for a variety of staple foods, including cooking ...