Travellers alarmed at sky-high airfares for the year-end holidays can add soaring fuel prices, spurred in part by Russia’s weaponisation of its energy resources, to the list of factors to blame.
The price of jet fuel — which typically accounts for around a quarter of an airline’s total operating costs — is on a tear. The jump this year is more than double the gains in crude oil, reflecting both pent-up demand for air travel as well as dislocations in energy markets due to the war in Ukraine and the Covid-19 pandemic.
