Am0720 Airlines in Nigeria said they will suspend operations from Monday, May 9, over rising cost of aviation fuel, that now sells for N700 per litre, from N190.
Azman Air, Max Air, United Nigeria Airways, Ibom Air, Arik Air, Air Peace, Dana Air and Overland Airways in a joint statement Friday, made their plan known to the authorities.
This was done via a letter addressed to the Minister of Aviation, Hadi Sirika.
A copy was sent to the Director General of the Nigerian Civil Aviation Authority, Captain Musa Nuhu.
The airlines said no airline in the world can absorb the astronomical hike in the fuel cost, which has increased its fuel cost component from 40% to 95%.
They also said the cost burden will make them offer a seat for about N120,000 for one hour journey.
The full statement:
It is with a great sense of responsibility and patriotism that the Airline Operators of Nigeria (AON) have carried on deploying and subsidizing their services to our highly esteemed Nigerian flying public in the last four months despite the steady and astronomical hike in the price of JetA1 and other operating costs.