5 months ago
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- Foreign airlines operating the Lagos-London route have crashed their airfares below the one offered by Air Peace
- Some of the foreign airlines now charge about N605,000 for economy class tickets as against the N3.5 million they charged a few months ago
- Air Peace had before now pegged a return economy class ticket for the Lagos-London route at N1.2 million
There is intense competition on the popular Lagos-London route, which Nigerian airline Air Peace began operating a few months ago.
Foreign airlines operating the Lagos-London route have now crashed their ticket prices below the rates charged by Air Peace, the only Nigerian airline operating the route.
More competition for Air Peace as foreign airlines crash ticket prices
Credit: Bloomberg/ContributorSource: UGC
Foreign airlines start competition with Air Peace
An earlier report by Legit.ng showed that foreign airlines had significantly reduced their fares on the Lagos-London route since Air Peace began operating it on March 30, 2024.
Experts have attributed the airfare crash to the naira’s appreciation, but Air Peace has said that foreign airlines are trying to sabotage it.
The Nigerian airline commenced the Lagos-London flight on March 30, 2024, fully booked by Nigerians who asked for cheaper tickets.
According to reports, Air Peace pegged its economy class ticket at N1.2 million, sparking stiff competition from foreign airlines battling trapped funds by the Nigerian government.
Air Peace had pegged a return economy class ticket for the Lagos-London route at N1.2 million. In contrast, a return Business Class Ticket sells for N4 million, with a 15% discount for Nigerians studying in the UK.
As of Tuesday, June 11, 2024, the International Air Transport Association (IATA) rate for ticket sales on the Lagos-London route in Nigeria dropped from almost N1,800 per dollar to N1,505.
Experts have said these factors have seen ticket prices drop on the Lagos-London route.
Foreign airlines release cheaper tickets
A one-way economy class ticket from Lagos to London on British Airways, which cost N3.5 million and N11 million for Business Class a few months ago, has dropped sharply to N605,000 for the economy class and N7.6 million for Business Class.
Other foreign airlines, which pegged their ticket prices between N3.5 million to N2.5 million, have also crashed them, with some selling lower than Air Peace.
Qatar Airways sells its economy class ticket for N870,000, Ethiopian Airways charges N892,000, Royal Air Moroc charges N983,000, Air Peace sells for N1,010,000, Asky and Turkish Airlines go for N1,190,000.
However, Business Class tickets on Air Peace remain cheapest as it sells for N2.5 million, Royal Air Maroc at N2.6 million, Ethiopian Airlines N3.6 million, Qatar Airways at N3.7 million, Turkish Airlines at N3.9 million, Air Frace at N7.5 million and Lufthansa N10.6 million,
British Airways’ Premium Economy class ticket sells for N2.7 million and Business Class at N7.6 million.
Experts caution Air Peace
Henry Uche, a travel expert and CEO of Goodwinds Travel and Tours, said that the naira's appreciation against the US dollar was responsible for the crash in ticket prices by foreign airlines.
He said Air Peace needed to sit up to avoid being pushed out of the lucrative route.
“The Lagos-London route is lucrative, and Air Peace should do everything possible to keep it.“I am not so sure there is a plan by the foreign airlines to sabotage Air Peace, but the Nigerian airline should not be rigid as there are now plenty of cheaper alternatives.“I am sure that Nigerians will still patronize Air Peace out of patriotism, but it should work to have flexible rates.“Currently, Air Peace is fully booked until September 2024, meaning they have nothing to worry about,” Uche said.Air Peace releases two-year availability schedule
Legit.ng reported that Nigeria’s largest carrier, Air Peace, announced that it will extend its schedule availability for the Lagos-London route until March 2025.
The airline commenced the Lagos-London route on March 30, 2024, and has gained popularity among business and leisure travellers.
According to the airline, the availability aims to provide more options and convenience, which stresses the company’s commitment to delivering excellent service.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
Source: Legit.ng
English (US) ·