Airline Operators has said that least ticket might cost N120,000 for economy seat.
The Chairman, Air Peace, Allen Onyeama made this known on Monday, during a public hearing by the House of Representatives ad hoc committee investigating the scarcity of aviation fuel in Abuja.
According to him, airline operators have agreed to experiment with the price for three days while negotiations between stakeholders last.
He also said they would have loved to have the price of aviation fuel as low as N200 per litre, but they would keep to the agreement on the tentative price, adding that the cost of airline tickets would still be on the high side until the issue is resolved.
He said: “From what is happening, sir, if it continues this way, the least ticket will be about N120,000 for the economy seats and we don’t want to do that.
“We want to inform the house that we are demanding that we should be given licences to import this fuel. If we can buy jets that cost hundreds of billions of dollars, we can afford to import this fuel.
“The legislators fought for the Customs waivers on imported aircraft, aircraft spares and for the airlines to have sustainable operations. So, we owe you huge gratitude, together with the residents of this country who signed it into law.
“We thank the GMD for wading into this. Even though at N500, our unit cost per seat will now be about N85,000 barely insurance and other things. That is our pain. I wish we could buy this fuel at N200 so that Nigerians can afford to buy it.
“That is our predicament and so, the public should understand if there is a shift in what they are paying now and what they are going to pay later. Anybody can calculate it just as it has been done here, to buy 8000 litres of fuel at N500 per litre. How much will that give you for just one hour flight?”
Speaking on behalf of the marketers, Olumide Adeosun said there are various market forces at work when it comes to the pricing of aviation fuel.
He added that the marketers had been recording losses because of the way the price variations are done by suppliers.
He said: “We are grateful for your intervention. The last thing any marketer wants is to create a saturation where the general public has to pay far beyond what they can afford for any product.”
The Deputy Speaker, Ahmed Idris Wase, pleaded with the stakeholders to resolve the issue and reduce the suffering of aviation passengers in the country.
He also said they would present their interim report on the floor of the House on Tuesday (Today).
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