Airlines Reduce Prices After Air Peace Crashed The Price
Foreign airlines have brought down their airfares on the Lagos-London route.
This move was to contest with Air Peace, which recently started flying on the route at a reduced price.
Air Peace introduced direct flights from Lagos to London on March 30, charging N1.2 million for a round-trip economy ticket on a route where other airlines were charging up to N3 million.
Foreign airlines reduced their round-trip economy ticket prices to an average of ₦1.4 million last week as a result of the Nigerian airline’s move, which analysts and stakeholders had predicted.
Findings conducted on Wednesday showed that a few international airlines have reduced their costs to an average of ₦841,732.
From Wednesday when most flights’ rates were checked, according to the Central Bank of Nigeria‘s exchange rate of N1,246/$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.
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Whereas RwandAir has fixed airfare at ($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 means 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. Travelers will spend less given this development.
