Operators Attribute Airfare Increase to Currency Fluctuations and a Shortage of Aviation Fuel.

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The recent increase in airfares was caused by a paucity of foreign currency and aviation fuel, according to the Airline Operators of Nigeria. JetA1, often known as aviation fuel, is currently in short supply despite being sold for less than N700 per litre.

Airlines were forced to purchase currency on the black market since they were unable to acquire dollars on the official market because of a shortage. Despite the most recent increase in pricing, airline companies were still heavily subsidizing fares.

Over 98% of aircraft components were caused by foreign exchange and aviation fuel expenses, he asserted. He encouraged the government to develop policies that would help operators obtain funding, which would help the issue.

Punch.

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