The price of jet fuel has skyrocketed. As a result, the cost of air travel has increased. Buying fuel at higher prices is no longer profitable. Therefore, Nigerian Airlines, an airline of the African country Nigeria, has been forced to suspend its flights.
The company said in a statement on Saturday that all Nigerian Airlines flights would be suspended from Monday. This decision will remain in effect until further notice. The company has been forced to make such a decision due to skyrocketing prices of jet fuel.
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The war in Ukraine has affected the fuel products market. Nigerian Airlines is unable to cope with this. The agency says jet fuel prices have risen sharply since the Russian invasion of Ukraine in February and a series of Western sanctions on Moscow. Before the war in Ukraine, jet fuel was available at 190 naira (Nigerian currency) or 45 cents per liter. At present the price of the fuel product has risen to 800 naira per liter or about ড 1.60 cents.
In a statement, Nigerian Airlines said that as a result of the increase in the price of jet fuel, passengers now have to pay 120,000 naira, or about ৮ 269, for a one-hour journey. It is becoming increasingly difficult to provide passenger services at such a high fare. In the short term, all airlines in the world will have to deal with the impact of such rising fuel prices.
Nigeria’s Ministry of Civil Aviation has called on the agency to consider the decision to suspend flights. Passengers who have booked tickets in advance, on the other hand, have started complaining to the country’s consumer rights body after such a decision. Many have criticized the airline’s decision on social media.
Note that Nigeria is an oil-rich country. About 1.4 million barrels of crude oil are extracted from the country’s mines every day. However, little of it is refined in the country. Despite being an exporter, Nigeria’s energy sector is dependent on imports. That is why the country has to deal with the impact of rising fuel prices in the international market.
