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“Ethiopia Airlines has no Higher Fares for Enugu Passengers”



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  • “Ethiopia Airlines has no Higher Fares for Enugu Passengers”

Africa’s most profitable carrier, Ethiopia Airline, has said it does not charge higher fares from the Akanu Ibiam International Airport, Enugu, than from the other airports it is operating from in Nigeria.

The airline, which is the only international carrier that operates from the South-east airport to connect to other destinations in the world, said it does not discriminate against the passengers that travel from the zone through the Enugu airport.

Travel expert, Ikechi Uko, who is close to the airline, made this known on his Facebook account and explained that Ethiopia Airlines flagged off flight operations from the Coal City in August 2013 and has maintained its service there despite the undulating economic situation that has affected passenger traffic from the route.

Former Minister of Aviation, Osita Chidoka, on his twitter handle wondered why the cost of airfares from Enugu to China is higher than from Lagos to China and demanded for explanation.

Reacting to his observation, many Nigerians from the South- east who travel frequently from Enugu with the airline said fares from the route are not always higher, noting that everything depends on when a passenger bought his ticket and the season.

The travellers noted that the allegation always comes up in seasons when the fare from Enugu rises beyond that of Lagos, remarking that this has been addressed in the past.

Uko also said, “Ethiopian Airlines cannot discriminate against the passengers they expect to fill their planes from Enugu. Ethiopian Airlines is the only international airline that flies from Enugu. Since the opening of the airport to international flights, it has maintained a consistent service to the city even when there were not much passengers on the route.

“In 2017, the Airline embarked on a roadshow to all the states in the South-east in order to shore up the passenger volume from Enugu. During the visit to the markets, kings and governors in the South-east, the airline pledged to provide world class services to the people. The leaders also promised to support Ethiopian Airlines in its operations in the region,” he said.

Uko who is also the organizer of Akwaaba African Travel Market, remarked that the people of South-east have so far supported Ethiopian Airlines as was promised and the airline has also kept their part of the bargain.

“So it will not be in the interests of the airline to discriminate against the same people it has sacrificed so much to serve. The price differences between Lagos and Enugu can be explained by reason of load factor. Aircraft type and yield and has nothing to do with distance flown and political reasons. Ethiopian Airlines chose to fly to Enugu and sustained the flight even during rough patches.

“Ethiopian Airlines stopped flying to Kaduna since October 2018 when the route became unsustainable. So the comparison with Kaduna Airport is incorrect. As a responsible airline that cherishes the feedback from its passengers the management will address the issues raised and respond appropriately. The airline appreciates the interest this has generated. It is evidence of the love the South-east people have for the airline and the airline appreciates this love and feels mutually involved with the people too,” he observed.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


Oil Prices News: Oil Gains Following Drops in US Crude Inventories



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Oil Prices Gain Following Drops in US Crude Inventories and OPEC High Compliance Level

Global oil prices extended their 2 percent gains on Thursday after data showed U.S crude oil inventories declined last week.

The price of Brent crude oil, against which Nigerian oil is measured, gained 0.2 percent or 7 cents to $43.39 a barrel as at 12:10 pm Nigerian time. While the U.S. West Texas Intermediate (WTI) crude appreciated by 8 cent or 0.2 percent to $41.12 barrels.

Oil prices extended their three days gain after the American Petroleum Institute said the U.S crude inventories declined by 5.4 million barrels in the week ended October 9.

The report released after the market closed on Wednesday revealed that distillate stockpiles, which include diesel and heating oil, declined by 3.9 million barrels. Those stated drawdowns almost double analysts’ projections for the week.

Much of the fall is due to the effects of Hurricane Delta shuttering U.S. production in the Gulf of Mexico, and as such, will be a transitory effect,” said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA.

“Therefore, I am not getting too excited that a turn of direction is upon markets, although both contracts are approaching important technical resistance regions.”

Also, the report that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, referred to as OPEC+ attained 102 percent compliance level with their oil production cuts agreements bolstered global oil outlook. Suggesting that demands for the commodity are likely not growing and could drag down prices in few weeks, especially when one factor in the reopening of Libya’s Sharara oil field, workers returning to operation in Norway and the Gulf of Mexico.

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Oil Prices Gain on Tuesday Despite Expected Surge in Global Oil Supplies




Oil Prices Rise Despite Expected Surge in Global Oil Supplies

Oil prices gained on Tuesday despite Libya opening Sharara oil field for production, labour in Norway reaching an agreement with oil firms to return back to work and oil workers in the U.S returning to the Gulf of Mexico region after the Hurrican Delta.

Brent crude oil, against which Nigerian oil price is measured, gained 1.77 percent to $42.46 per barrel as at 11:15 am Nigerian time on Tuesday.

While the US West Texas Intermediate (WTI) crude oil gained 2 percent to close at $40.22 per barrel.

The improvement in prices was after oil prices plunged as much as 3 percent on Monday following a resolution reached by Libyan rebels and government to commence oil production at the nation’s largest oil field, Sharara Oil Field.

This coupled with labour agreement with oil firms in Norway was expected to boost global oil supplies and eventually weighed on prices and disrupt OPEC+ production cuts strategy.

However, prices surged after Nancy Pelosi said she would commence talks on $1.8 trillion stimulus package following President Trump’s return to the White House after he was rushed to hospital following a positive COVID-19 test.

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Joe Biden Win Could Boost Oil Prices, Says Goldman Sachs



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Oil Prices to Surge Once Joe Biden Wins -Goldman Sachs

Goldman Sachs, one of the world’s largest investment banks, has said Joe Biden win could boost global oil prices despite weak global economic outlook and COVID-19 negative impacts on the world’s growth.

The investment bank, however, remains bullish on both oil and gas prices regardless of the election outcome in November.

The bank sees oil and gas demand rising enough in 2021 to supersede election results but explained that Biden win could bolster prices by making production more expensive and more regulated for producers in the U.S.

In a note written by the bank’s commodities team on Sunday, it said “We do not expect the upcoming U.S. elections to derail our bullish forecasts for oil and gas prices, with a Blue Wave likely to be in fact a positive catalyst.”

“Headwinds to U.S. oil and gas production would rise further under a Joe Biden administration, even if the candidate has struck a centrist tone.”

Goldman Sachs explained that if incumbent, Trump, is re-elected with pro-oil and gas policies in place that “its impact would likely remain modest at best,” Goldman’s analysts wrote, “given the more powerful shift in investor focus to incorporate ESG metrics and the associated corporate capex re-allocation away from fossil fuels.”

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