Airfare Battle: Foreign Airlines Slash Prices to Compete with Air Peace on Lagos-London Route

To counter Air Peace's recent launch of direct flights on the Lagos-London route, foreign airlines have significantly reduced their airfares. Air Peace initiated these flights on March 30, offering round-trip economy tickets for N1.2 million, a stark contrast to the up to N3 million charged by other airlines on the same route.

In response to Air Peace's competitive pricing, foreign airlines slashed their round-trip economy ticket prices to an average of ₦1.4 million last week, aligning with earlier predictions by analysts and stakeholders.

Recent investigations on Wednesday revealed that some international airlines have further reduced their prices to an average of ₦841,732. For example, Egyptair now offers its economy ticket from Lagos to London for ($470) ₦585,620; Virgin Atlantic for ($927.99) ₦1.1 million; Royal Air Morocco for ($456.99) ₦569,422; British Airways for ($787.99) ₦981,848; and Air Peace for ($655) ₦816,130.

Similarly, RwandAir set its airfare to ($545.35) ₦679,070; Ethiopian Air to ($543.84) ₦677,824; Turkish Airlines to ($647.84) ₦807,408; Air France London to ($915.99) ₦1.1 million, while KLM priced its tickets at ($927.84) ₦1.1 million.

This trend has resulted in one-way ticket prices from Lagos to London ranging between ₦1.03 million and ₦1.3 million as of the first week of April, despite the prevailing exchange rate of ₦1,250 per dollar.