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Global jet fuel prices have more than doubled since the start of the Gulf War, data from the International Air Transport Association (IATA) shows, forcing airlines to cut services.
IATA's Jet Fuel Price Monitor showed that average jet fuel prices worldwide are now 104% higher than they were last month, selling at an average of $4.65 per gallon worldwide.
Asia and Oceania have seen the biggest increases, with jet fuel prices rising 134% over the same period, to almost $5 per gallon. North America has seen the smallest increase, about 88% over the past month.
A smaller, twin-engine commercial jet, such as an Airbus 320 or Boeing 737, burns about 750 to 900 gallons of fuel per hour, while long-haul jets like the Boeing 787 or Airbus A350 burn 1,500 to 2,200 gallons per hour, according to U.S. wholesale fuel distributor Premier Petroleum.
Airlines, which see around 30% of their costs go to fuel, are being hit harder than other oil consumers, as the price of Brent crude has only risen around 60% since the start of the war.
The “crack spread,” the difference between the price of crude and refined jet fuel, has widened by 231% last month and 287% last year, the IATA report said. Airlines have responded by raising prices, through surcharges and revising flight itineraries. /CNA
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