National Telescope national telescope newspaper
Foreign airlines on the Lagos-London route have slashed their fares in an attempt to compete with Air Peace, which recently began operating the route.
Air Peace began offering direct flights from Lagos to London, on March 30. The round-trip economy ticket cost N1.2 million, while other airlines charged as much as N3 million for the same route.
As a result of the Nigerian airline’s action, which analysts and stakeholders had anticipated, foreign airlines lowered the average price of their round-trip economy tickets to ₦1.4 million last week.
A few foreign airlines have further lowered their prices to an average of ₦841,732, according to investigations carried out on Wednesday.
On Wednesday, the prices of the majority of flights 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 to $679,070; Ethiopian Air ($543.84) to $677,824; Turkish Airlines ($647.84) to $807,408; Air France London ($915.99) to ₦1.1m, while KLM pegged its price to ₦1.1m.
Meanwhile, the development has meant that as of the first week of April this year, a one-way ticket from Lagos to London cost between ₦1.03m and ₦1.3m, despite the exchange rates being as high as ₦1,250 per dollar, respectively.
