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The ongoing war in Ukraine it has caused major changes on many levels, incl. on the energy market. Russian raw materials used in the production of jet and diesel fuel have become a commodity unavailable in some regions of the world. The available resources, in turn, become more expensive, which results, among other things, in the prices of services.
Airline authorities in Nigeria said on Monday May 9 that they “will cease nationwide operations” until further notice. High fuel costs have been identified as a reason for taking such measures. “Many airlines are already suffering losses,” he said Bloomberg Victor Enwezor, Vice President of Leisure Operations Africa, Lagos, Nigeria. “Any further price increases will kill their business,” he added.
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Nigeria will suspend all flights. “The cost of fuel continues to rise”
The Nigerian plant of the National Petroleum Co. agreed March to admit airline companies fuel import licenses to increase supply and reduce costs. However, this did not improve the situation. “The cost of jet fuel continues to rise, putting enormous pressure on the airline’s sustainability and profitability,” the union said. “Airlines can no longer resist the pressure,” they added.
“Short-term astronomical growth”
At the end of April, the average price of a barrel of aviation fuel was $ 174.4. – provided by the International Air Transport Association IATA. Comparing the result with last year, this is an increase of almost 150% and on a monthly basis of 7.9%.
“No airline in the world can absorb this kind of sudden shock from such an astronomical short-term increase. fuel aviation worldwide accounts for about 40%. The statement from Nigeria’s airline operators has risen to around 95% of the airline’s operating costs after the current hike.
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