Ibom Air may reduce operational capacity over aviation fuel hike ....Spends N7.6m per flight

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 Ibom Air may reduce operational capacity over aviation fuel hike

 ....Spends N7.6m per flight



Ibom Air Ltd has hinted of a possible reduction in its flight capacity following its inability to cope with the astronomical increase the price of aviation fuel.


The Airline in a statement by it's group manager, marketing and communication, Aniekan Essienette, disclosed that it spends N7.6million on fuel per flight.

 

According to the company, the cost of fueling its aircraft has tripled between January and April representing 350% increment since the beginning of March.


The statement reads in parts, "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. This is a more than 350% increase since the beginning of March, a space of just 7 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% or more of their aviation fuel from Dangote Refinery. 


"The situation is exacerbated by the fact that a combination of competitive pressures and patriotism have 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.


"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".


The Airline appealed t fuel marketers to seriously reconsider the pricing of aviation fuel to make the airline business model continue to work in Nigeria.



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