Ibom Air raises alarm as aviation fuel cost jumps to N7.6m per flight

Ibom Air has sounded the alarm over the rising cost of aviation fuel, revealing that it now spends about N7.6 million to power a single flight, a development it says threatens the sustainability of domestic airline operations.

In a statement released on Monday, the airline described the situation as unprecedented, noting a sharp spike in fuel expenses within a short period.

“The fuel price situation is an unprecedented crisis for Nigeria’s domestic airlines. At Ibom Air, the cost of fueling our aircraft has more than tripled between January and today. From an average of N2.1m per flight in January, as at today, the 27th of April, we are paying approximately N7.6m to fuel every flight.”

The carrier said the increase reflects a dramatic surge in operating costs over the past two months, placing significant financial strain on airlines.

It also questioned the rationale behind the steep rise in local aviation fuel prices, especially given that most supply is sourced domestically.

“This is a more than 350 per cent increase since the beginning of March, a space of just seven weeks! And our aircraft are some of the most fuel-efficient in the domestic market.

“At this point, domestic airlines are baffled at why the price of aviation fuel in Nigeria has ballooned to this level, way above the rest of the world, while the fuel marketers obtain 95 per cent or more of their aviation fuel from Dangote Refinery.”

Despite the mounting costs, Ibom Air said operators have been unable to fully transfer the burden to passengers due to competition and a sense of responsibility.

“The situation is exacerbated by the fact that a combination of competitive pressures and patriotism has prevented a commensurate increase in our fares, meaning that we and our fellow domestic airlines have had to absorb the immense operating losses resulting from this situation,” it noted.

Ibom Air added that earlier expectations of a temporary spike have not materialised, with the crisis persisting for nearly two months and showing no signs of easing.

“We chose to do this believing that the crisis would pass in a week or two, but it has persisted now for nearly two months, continuously increasing, with no reprieve in sight as of today. While we continue to do everything we can to maintain normal operations, it is clear to us that the current conditions are unsustainable.”

The airline warned that it may be forced to cut flight capacity as a survival strategy, noting that airlines globally often reduce operations in response to rising fuel costs.

“We, too, will have to take whatever ameliorating actions we can in the days ahead, including reducing our capacity if necessary, to be able to continue to provide services to our customers and our country.”

Ibom Air further cautioned that continued escalation could cripple the industry.

“We also note that, if this situation persists much longer, airlines will not be able to continue operating just to pay for fuel and nothing else. We call on the fuel marketers to seriously reconsider the pricing of aviation fuel to make the airline business model continue to work in Nigeria,” the statement added.