Nigerian Airlines Suspend Operations over Jet Fuel Hikes

Nigerian airlines announced the suspension of their operations as of May 9 until further notice because of the rising cost of jet fuel.

The Airline Operators of Nigeria said: "No airline in the world can absorb this kind of sudden shock from such an astronomical rise over such a short period. While aviation fuel worldwide is said to cost about 40% of an airline’s operating cost globally, the present hike has shut up Nigeria’s operating cost to about 95%."

The statement indicated that the price of jet fuel has increased from 190 Nigerian nairas per litre [0.41 US dollars] to 700 nairas per litre [1,69 US dollars].