Ibom Air Faces Crisis with N7.6m Fuel Costs per Flight

Ibom Air has disclosed that its fuel costs have surged to N7.6 million per flight, marking a dramatic increase from an average of N2.1 million per flight earlier in the year. This rise represents a 350% increase since March, underscoring a deepening crisis in Nigeria's aviation sector.

The airline expressed concerns over the sharp rise in local fuel prices, which have escalated despite global trends. Ibom Air noted that it sources 95% of its aviation fuel from Dangote Refinery and is baffled by the inflated prices compared to the rest of the world.

The airline is unable to fully pass these costs onto passengers due to competitive pressures, leading to significant operational losses. The situation has persisted for nearly two months, with no relief in sight, prompting Ibom Air to warn that continued escalation in fuel prices could threaten its ability to operate.

The airline emphasized the need for a serious reconsideration of aviation fuel pricing in Nigeria.