The Nation Newspaper Air Peace’s entry sparks airfare war on Lagos-London route
The reduction in fares by foreign airlines, some experts fear, may be part of the unwholesome practices by major carriers to harass the Nigerian carrier out of the Lagos-London route. Air Peace’s inaugural flight was on March 30.
But, the entrance of Air Peace on the Lagos-London route altered the stakes for the foreign carriers, which were forced to reduce their fares from N1.4 million as of last week to as low as N841,732.British Airways now goes for N981,848 ; Virgin Atlantic N1.1 million and Royal Air Maroc N569,422 . On Virgin Atlantic, the same destination which cost about N2 million for economy, N5 million for economy premium and N12 million for business class now costs N1.5 million for economy, N3 million for premium and N6 million for business class.
“A substantial amount of trapped funds have been paid to foreign airlines and that was why foreign airlines released lower fares. The reason fares went up in the first place was because low inventories were shut down. “The same strategy is being employed right now by some of the foreign airlines to drop the price so that people will now leave Air Peace and go to them.
“The idea is to take Air Peace out and the moment they succeed in taking Air Peace out, Nigerians will pay 20 times over and it’s going to happen if, God forbid, they’re able to take Air Peace out. “No other airline faces that. If they take out Air Peace prematurely, this country will pay dearly for it 10 times over, quote me. Billions will be lost and there will be another heavy strain on the naira,” Onyema said.
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