All the airlines hiking prices because of jet fuel costs – as a major carrier adds £43 to short haul Europe tickets
Travelers booking flights for an Easter or summer getaway need to be prepared to pay significantly more for their plane tickets; Some of the world’s largest airlines announced price increases this week as aviation fuel prices soared.
The latest Middle East conflict, which took place just two weeks ago, caused crude oil prices to rise by a third and caused the prices of fuel used to supply airlines around the world to rise even further.
The war between the US/Israel and Iran has led to the virtual closure of the Strait of Hormuz, located between the Persian Gulf and the Gulf of Oman, the main transit route for jet fuel from the Middle East, in recent days.
The region currently serves approximately 50 percent of Europe-based airlines, and consumers are directly affected by rising flight prices. Those with flight reservations will not be asked to pay additional fees.
Before the first attack on Iran on February 28, the price of a ton of jet fuel destined for northwestern Europe was around $830 per ton. Costs have nearly doubled since then, with aviation fuel rising by more than $1,500 per ton.
Dr Sen, founder of Market Intelligence at Energy Aspects, told the House of Commons Treasury this week that such dramatic increases in jet fuel prices would have an almost immediate impact on what passengers pay for airline seats.
Global oil prices rose to their highest levels since 2022 following the escalation of the US-Israeli war with Iran; Jet fuel has been hit particularly hard, with the fuel now trading above $1,500 per ton.
Get ready! Air France this week said it would increase economy class fares for short-haul destinations by 50 euros (£43) to reflect rapidly rising jet fuel prices.
“Everyone is talking about crude oil, but jet fuel prices are over $300.” [a barrel] – it’s crazy what’s going on.
‘Production is so focused on the Middle East… that it will not be possible to compensate for this with other resources.
‘I expect serious increases in airfares. Some airlines are taking precautions (against price increases), which may help a little, but we should definitely expect higher airfares for at least the next few months.’
Major airlines that have moved early on passing their prices on to passengers include Qantas, Air New Zealand and Scandinavia’s SAS, with many more following.
British Airways owner IAG said a successful hedging strategy meant there were no plans for immediate price increases.
Major European airlines such as Wizz, Ryanair, easyJet and Jet2 have not yet commented on whether fares will increase.
Here is the latest list of airlines that have increased fuel surcharges so far:
QANTAS
Australian airline says flight prices will increase, especially on long-haul routes through the Middle East.
UNITED AIRLINES
Scott Kirby, chief executive of American airline United, said last week that profits would take a ‘meaningful’ hit due to the conflict in the Middle East and that if oil prices held up, wages were likely to rise rapidly as a result.
AIR FRANCE AND KLM
Airline partners Dutch and French carriers have both increased fares.
KKM released a statement this week stating that rising oil prices ‘will affect ticket prices and the increase will vary depending on destination and class.’
An Air France spokesman said this week that economy tickets would increase by 50 euros (£43) for return flights.
NORWEGIAN
Norwegian newspaper Dagblade reports that low-cost carrier Norwegian has confirmed price adjustments to account for rising fuel costs.
Fares will skyrocket if fuel prices continue to rise, United Airlines CEO Scott Kirby said this week.
NORTH ATLANTIC AIRLINES
The Norwegian airline, which also includes long-haul destinations such as Los Angeles, Cape Town and Phuket in its destination list, said that increasing fuel prices will be reflected in current ticket prices.
SAS SCANDINAVIAN AIRLINES
Popular Scandi city break airline SAS announced earlier this week that it was adjusting its flight prices to cover the rising cost of aviation fuel.
AIR TRANSPORT
Canadian low-cost long-haul airline Air Transat said fuel surcharges would be increased, while the airline’s chief financial officer Jean-François Pruneau said on Wednesday: ‘We have increased fuel surcharges in Europe. But this is included in the total price.
‘What we’re also doing now is increasing fares on peak travel dates and routes where there is less competition and we have more flexibility.’
AIR CANADA
Air Canada takes a similar stance; a spokesman said CBC News this week the airline’s current fares ‘continue to be adjusted to reflect these higher fuel costs.’
WEATHER NEW ZEALAND
Air New Zealand, one of the first airlines to announce price increases, added NZ$20 (£8.80) on one-way short-haul international services and NZ$90 (£39.00) on long-haul one-way flights.
AIR INDIA
The Indian airline and its short-haul sibling Air India Express introduced surcharges on both domestic and international flights on Thursday.
AIR ASIA
Malaysian low-cost carrier AirAsia announced a temporary increase in ticket prices on Thursday due to fuel surcharges.
HONG KONG AIRLINES
Hong Kong Airlines said there will be a surcharge of up to 35 percent on flight fares starting Thursday this week.
CATHAY PACIFIC AIRLINES
Hong Kong-based Cathay Pacific said it would reconsider the surcharges next month but added a $72.90 (£54) surcharge to round-trip flights to Hong Kong, Europe and North America in recent days.
THAI AIRLINES
Those traveling to Thailand with Thai Airways who have not yet made a reservation can expect an increase in fuel surcharge of up to 15 percent per ticket.
VIETNAM AIRLINES
The Far Eastern airline said its operating costs had risen 70 per cent as a direct result of increases in aviation fuel prices, and the airline has requested government help to remove environmental tax on jet fuel.
