Air Peace's Onyema Calls for Action as Fuel Prices Hit N2,150

Nigerian airlines are under financial pressure as aviation fuel prices have surged to N2,150 per litre, marking a 20% increase in Jet A1 prices. This rise is linked to geopolitical tensions, particularly between Iran and Saudi Arabia, disrupting crude oil shipments and contributing to a volatile global energy market.

The increase in fuel costs has exacerbated the operating expenses for both domestic and international carriers, with local airlines particularly vulnerable due to high costs and narrow profit margins. The Airline Operators of Nigeria (AON) has sought a meeting with President Tinubu to address financial and regulatory challenges in the sector.

Allen Onyema, Chief Executive Officer of Air Peace and Vice President of AON, emphasized the need for direct presidential intervention to improve the business environment for airlines. He highlighted the importance of revising the country's tax and aviation-related charges to alleviate financial pressures on domestic operators and enhance sustainability in the aviation sector.