Ibom Air has sounded a stark alarm regarding Nigeria's escalating aviation fuel crisis, indicating that it may be compelled to curtail flight operations due to the continuous surge in aircraft fuel costs. The airline disclosed in a recent statement that aviation fuel prices have dramatically increased in recent weeks, leading to a substantial hike in its operational expenses.

Highlighting the severity of the situation, Ibom Air reported that the cost to fuel a single flight has skyrocketed from an average of N2.1 million in January to approximately N7.6 million by April 26. This represents an astonishing increase of over 350 percent since the beginning of March, within a mere seven-week span, despite the airline's fleet being among the most fuel-efficient in the domestic market.

The airline expressed profound bewilderment as to why aviation fuel prices in Nigeria have climbed far beyond international benchmarks, particularly given that the majority of the supply is sourced domestically. This discrepancy has left local operators struggling to comprehend the pricing structure that places Nigerian fuel costs significantly above global levels.

Despite the sharp rise in operating costs, numerous carriers have found themselves unable to proportionally increase ticket prices. This is attributed to intense competitive pressures within the industry and a profound concern for passenger affordability. Consequently, airlines have been forced to absorb substantial financial losses, initially hoping for a rapid improvement in the situation. However, the crisis has now persisted for nearly two months, with continuous price increases and no foreseeable relief.

Ibom Air sternly cautioned that if the current conditions persist, airlines may have no alternative but to reduce capacity or scale back their operations. The company stated its intention to implement any necessary ameliorating actions, including flight reductions, in the coming days. Furthermore, the airline warned that sustained pressure from fuel expenses poses a direct threat to the very survival of operators, as they cannot continue to operate solely to cover fuel costs without generating sufficient revenue for other operational needs.

In response, Ibom Air has urged fuel marketers to re-evaluate their pricing strategies to ensure the continued viability of airline operations within Nigeria. This appeal comes amidst a broader crisis impacting Nigeria's aviation sector, where both the price and availability of Jet A1 fuel have emerged as critical challenges for all operators. Airlines across the board have reported significant spikes in operating costs, which have translated into flight delays, rescheduling, and reduced frequencies on various routes.

Earlier reports from PREMIUM TIMES indicated that the Airline Operators of Nigeria (AON) had previously threatened to suspend operations altogether due to what they termed an