With rising operational costs, inflation, and economic pressures mounting, the increase in airfares marks a crucial point for travelers, airlines, and the industry as a whole.
What then will this mean for the accessibility and affordability of air travel in Nigeria?
The Nigerian flying public is set to witness a rise in domestic airfares from one of Nigeria’s major airlines, Air Peace, effective November 1, 2024.
Hints on this fare review comes in a viral internal memo, purportedly from Air Peace, circulating on social media.
According to Nairametrics , a source, who is a senior staff of the airline and wished to remain anonymous confirmed the information.
The source clarified that the memo was intended for private partners but was unintentionally leaked to the public.
“Our intention was for the memo to remain strictly within our network of private partners, but it unfortunately leaked.
“Indeed, the fare review will take effect from November 1, 2024,” the anonymous source from Air Peace told Nairametrics.
The memo reads: “This is to inform you that our domestic fares have been reviewed.
Air Peace Proposed new fares
“The new fares are effective for flights from 1st November 2024. The previous fares remain available for flights up to 31st October 2024”.
According to Air Peace’s new fare structure, business class under booking class “J” will rise from ₦250,000 to ₦400,000, reflecting a 60% increase, while class “C” will increase from ₦200,000 to ₦330,000, a 65% hike.
Economy class fares will also experience substantial adjustments, with class “Y” increasing from ₦150,100 to ₦300,000, representing a 100% increase.
Other economy fares will range between ₦120,000 and ₦210,000, highlighting varied adjustments across categories.
The memo also confirmed that existing fares would remain valid for flights booked on or before October 31.
Additionally, all new fares will be refundable, with no change fees applied to modified bookings.
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However, the no-show fee has been increased from ₦10,000 to ₦15,000 to promote better booking management.
Domestic Fare Review
The following table outlines the cabin classes, booking categories, and the old and new fare structures, as detailed in the leaked memo:
These fare changes come amid a challenging operating environment for airlines in Nigeria.
Domestic carriers are grappling with rising operational costs, limited access to foreign exchange, currency depreciation, and fluctuating fuel prices.
As these economic pressures persist, frequent domestic travelers may need to adjust to the new pricing landscape, which could further impact demand on key routes.
While the fare adjustments aim to sustain operations, they reflect the broader financial difficulties airlines face across Nigeria, with carriers seeking ways to maintain efficiency despite rising costs.
As of now, Air Peace has not issued an official public statement on the leaked memo.
