Against the backdrop of the war in the Middle East, the sharp increase in jet fuel prices has forced several airlines to reduce flights and raise ticket prices.
Modern.az reports, citing the BBC, that “Air India” and “Air New Zealand” have announced their decision in this regard. According to information, many airlines worldwide are taking urgent measures to compensate for rising fuel costs. Jet fuel accounts for approximately 20–40 percent of airlines' operating expenses.
Last week, the price of benchmark jet fuel in Europe rose to a record high of $1838 per ton. Before the war, this figure was $831. Analysts state that as long as the conflict continues, passengers may face higher ticket prices and more flight cancellations.
According to experts, the increase in fuel prices once again demonstrates the important role of oil refineries located in the Middle East, particularly the Al-Zour refinery in Kuwait. This refinery alone supplies approximately 10 percent of Europe's jet fuel imports.
