Foreign Airlines Lower Prices
EKO HOT BLOG reports that in response to Air Peace’s recent entry into the market with direct flights from Lagos to London, foreign airlines have slashed their airfares on the same route.
Air Peace initiated these flights on March 30, offering round-trip economy tickets for N1.2 million, significantly lower than the previous rates of up to N3 million charged by other carriers.
The competitive pressure prompted foreign airlines to reduce their round-trip economy ticket prices to an average of ₦1.4 million last week, in line with predictions from analysts and stakeholders.
Foreign Airlines Lower Prices
Investigations conducted on Wednesday revealed that a few international airlines have further reduced their costs to an average of ₦841,732.
As of Wednesday when most flights’ rates were checked, according to the Central Bank of Nigeria‘s exchange rate of N1246/$1, Egyptair has further reduced the price of its economy ticket from Lagos to London to ($470) ₦585,620; Virgin Atlantic ($927.99) ₦1.1m; Royal Air Morocco ($456.99) ₦569,422; British Airways ($787.99) ₦981, 848 and Air Peace London ($655) ₦816, 130 are the current prices for flights to Lagos.
RwandAir has pegged airfare to ($545.35) ₦679,070; Ethiopian Air ($543.84) ₦677, 824; Turkish Airlines ($647.84) ₦807, 408; Air France London ($915.99) ₦1.1m while KLM pegged its price to ($927.84) ₦1.1m.
This development has meant that as of the first week of April this year, a one-way ticket from Lagos-London cost between ₦1.03m and ₦1.3m despite the exchange rates being as high as ₦1,250 per dollar.
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