on Monday, the airline said the cost of fuelling its aircraft has more than tripled in just a few months, rising from an average of N2.1 million per flight in January to about N7.6 million as of April 27.
Ibom Air has raised concerns over the sharp rise in aviation fuel costs in Nigeria, revealing that it now spends about N7.6 million to fuel a single flight, a development it says is placing severe pressure on airline operations and threatening the sustainability of domestic aviation.
In a statement issued on Monday, the airline said the cost of fuelling its aircraft has more than tripled in just a few months, rising from an average of N2.1 million per flight in January to about N7.6 million as of April 27.
It described the situation as unprecedented, noting that the increase represents more than a 350 per cent rise within roughly seven weeks.
Ibom Air expressed concern over what it described as a puzzling surge in aviation fuel prices in Nigeria, especially as a large portion of the product is reportedly sourced locally.
The airline said fuel marketers obtain over 95 per cent of their aviation fuel from Dangote Refinery, yet prices have continued to rise sharply despite global trends showing more stable conditions.
It added that domestic airlines are struggling to absorb the escalating costs due to competitive pressures in the aviation market, which have limited their ability to significantly raise fares.
According to Ibom Air, operators had initially expected the spike in fuel prices to be temporary, but the situation has persisted for nearly two months with no sign of relief.
The airline warned that the current operating environment is becoming unsustainable and may force carriers to take difficult decisions in order to remain viable.
It noted that airlines in other parts of the world facing less severe fuel price increases have already begun reducing flight operations to manage costs.
Ibom Air said it may also be compelled to reduce flight capacity in the coming days if the situation does not improve.
The airline further cautioned that continued escalation in fuel costs could make it impossible for airlines to operate without incurring heavy losses, urging fuel marketers to review pricing to ensure the survival of the aviation sector in Nigeria.
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