The 12 airlines include Air Peace, Aero Contractors, Arik Air, Max Air, Azman, Dana Air, Ibom Air, Green Africa, Overland, Rano Air, ValuetJet, and United Airlines.
The airlines agreed on February 20, 2022, to increase airfares by 100% to meet operational costs.
With Dangote Refinery set to begin the sale of aviation fuel, passengers might see a crash in airfares.
Vanguard reports that the Managing Director of Aero Contractors, Ado Sanusi, said that despite the steady price of aviation fuel, airlines are expecting further price drops.
The Aero Contractors boss said the operators need to be made aware of the refinery where airlines buy aviation fuel, but that what they consider is the price, saying if there is a crash in price, it will impact the industry positively.
He said:
He stated that the imminent supply of aviation fuel from the Dangote refinery would result in a price drop, depending on how much the refinery sells the product to the airlines.
