The entry of Nigeria’s major carrier, Air Peace into the lucrative Lagos-London route, has sparked a price war among foreign airlines which have severely reduced their airfares to compete, a THISDAY report reveals.
Air Peace started direct flights from Lagos to London on March 30, pegging its price for a round-trip economy ticket at N1.2 million on a route that foreign airlines used to charge as much as N3 million.
This prompted the foreign airlines to cut their airfares to an average of N1.4 million for a round-trip economy ticket last week. But checks on Wednesday showed that some foreign airlines have further slashed their prices to an average of N841,732.
Egyptair has dropped its Lagos-London economy ticket price further to ($470) N585,620; Air Peace London to Lagos now goes for ($655) N816,130; British Airways goes for ($787.99) N981, 848; Virgin Atlantic ($927.99) N1.1 million and Royal Air Moroc ($456.99) N569,422.
Also, RwandAir has pegged its airfare to London at ($545.35) N679,070; Ethiopian Air ($543.84) -N677,824; Turkish Airlines ($647.84) – N807,408; Air France London ($915.99) -N1.1 million, while KLM pegged its price to ($927.84) – N1.1 million.
Comparing the current airfares to the cost of flight tickets last week, before the entrance of Air Peace to the London market showed that a one-way economy class ticket from Lagos to London on British Airways used to cost N3 million for Economy and N11 million for Business Class, which has since dropped to N1.7 million for economy and N6.8million for Business Class respectively. #NaijaEntertainmentNews
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