Nigeria is the first country in the world to suspend all flights. Because fuel is expensive

The war in Ukraine It caused major changes on many levels, incl. in the energy market. Russian raw materials for the production of jet fuel and diesel fuel have become an unavailable commodity in some regions of the world. Available resources, in turn, become more expensive, which translates, among other things, into operation the prices services.

Nigeria’s airline authorities said on Monday 9 May it had “suspended operations across the country” until further notice. Higher fuel costs were identified as a reason for taking such measures. “Many airlines are already making losses,” he said. Bloomberg Victor Enwezor, Vice President of Operations for Africa Entertainment Sector, Lagos, Nigeria. He added that “any further increase in prices will kill their business.”

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Nigeria will suspend all flights. ‘Fuel cost continues to rise’

Nigerian National Petroleum Corporation approved plant Walks admit Airlines 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 company’s sustainability and profitability,” the union said. “Airlines can no longer bear the pressure,” they added.

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Short-term astronomical growth

The average price of a barrel of jet fuel at the end of April was $ 174.4. – Provided by IATA. Compared to last year’s result, we find that it is an increase of about 150%, and on a monthly basis by 7.9%.

“No airline in the world can absorb this kind of sudden shock from such an astronomical increase in the short term. fuel Flying around the world accounts for about 40 percent. Nigeria’s airline operators’ statement has increased to around 95 percent of airlines’ operating costs following the current increase.

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