Nigeria's Aviation Fuel Prices Surge by 80% Amid Crisis

The price of aviation fuel in Nigeria has increased sharply by 80%, rising from N1,000 per liter two weeks ago to N1,800 per liter. This surge represents a substantial financial strain on domestic airlines, which typically allocate 30-35% of their total operational expenses to fuel costs.

Prof. Obiora Okonkwo, a spokesperson for the Airline Operators of Nigeria, noted that airlines are currently absorbing these additional costs to avoid burdening passengers with higher ticket prices.

However, he warned that this situation is unsustainable if fuel prices continue to rise without government intervention. Okonkwo urged the federal government to engage with Dangote Refinery to stabilize aviation fuel supply, as there have been no refineries operational in Nigeria for the past two years.

The ongoing conflict in the Middle East has contributed to rising global energy prices, further exacerbating the situation for airlines, which may struggle to maintain financial viability under these conditions.