BLR-Addis Ababa direct flight on Ethiopian with insane price tag [Updated]

Ethiopian airline has announced direct flight between Bengaluru to Addis Ababa from late October. After Delhi and Mumbai, BLR is 3rd Indian destination on Ethiopian's network.

While Ethiopian now certainly offers a quicker way to explore Africa from Bengaluru, they seem to have got the pricing too wrong. A round trip between Bengaluru and Addis Ababa, Ethiopian airline's hub costs 68-70k INR.

For 70K INR, I can go to any part of Europe, some part of USA and Japan/Australia or many other far off destinations. So why would I prefer to go to Africa? Even if I prefer to go to Africa, one stop flight via other airlines are almost half the price of Direct flight by Ethiopian. I am left to wonder why Ethiopian is pricing its ticket so high. I understand Ethiopian is the only non-stop flight between the two cities- some business travelers who value time might be OK coughing up 70k. But as a leisure traveler would you spend so much for a flight ticket to Ethiopia?
I somehow feel Ethiopian got over ambitious with its pricing. Will be curious to see if they will sustain this price over next few months or drop it further. I have a strong feeling that they are very likely to find it difficult to fill the plane at 70k return ticket. A launch fare of 25-30k INR return would have been very tempting to potential tourists. Normal fare of 40-50k is probably acceptable on a higher side. 70k is bit too discouraging-anyone not very particular will postpone their plans.

Icing on the cake is one stop flights via ADD to other African destinations is cheaper than flying to ADD. As you see below, flight to Nairobi via Addis Ababa is roughly 10k INR cheaper one way, around 20k cheaper for return ticket. Essentially what Ethiopian is saying is "Don't come to see Ethiopia, fly somewhere else with us via Ethiopia to save more money"

We need to note that ANA has priced Chennai-Tokyo return ticket at around 35-37k INR- twice the flying distance compared to BLR-Ethiopia at half the price.

I feel we should wait and watch till Ethiopian drops price to a more rationale level. What do you think? Are you excited about direct flight to Ethiopia from BLR at this price? If not what price is comfortable for you?

25th August Update
Ethiopian seems to have dropped the prices by about 20% from its peak- Now it is possible to book BLR-ADD return ticket for about 55k INR, 14-15k less compared to the earlier 68-70k INR fares. I think it proves my assessment that launch fares were too ambitious and didn't find too many takers, forcing airline to drop it a bit.

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