Lagos to London: Foreign airlines crash ticket fare to compete with Air Peace
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There are indications that price war has commenced on the highly lucrative London route as foreign airlines have dropped their airfares in order to compete with Air Peace, which recently began flying the route.
The Chief Executive Officer of Air Peace, Allen Onyema, has alleged that foreign airlines have crashed their fares drastically with a view to frustrating Air Peace.
On March 30, Air Peace began direct flights from Lagos to London, charging N1.2 million for a round-trip economy ticket on a route where other airlines were costing up to N3 million.
Foreign airlines immediately 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.
According to investigations conducted on Wednesday, 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.
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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.
