Jet fuel alert - Airlines increase tickets by up to 20%
United Airlines and Lufthansa are among the major airlines considering ticket price hikes and possible flight cancellations due to a dramatic increase in jet fuel prices, a development attributed to the conflict in Iran.
United's chief executive said the company could raise ticket prices by up to 20%. Meanwhile, Lufthansa Group announced the cancellation of 20,000 flights in an effort to limit rising costs stemming from rising oil prices.
Fuel prices have risen sharply in recent weeks, putting huge pressure on the aviation industry as airlines try to balance the financial burden without significantly hurting passenger demand.
As a result, many companies are raising ticket prices and revising their financial forecasts. At the same time, the European Commission presented a series of measures to address the impact on the region's energy markets from the war.
As part of the “AccelerateEU” package of measures, the Commission proposed to optimise the distribution of jet fuel between EU Member States to avoid shortages. Earlier, the Energy Commissioner had warned that Europe would face a difficult summer due to possible jet fuel shortages, even in the most optimistic scenario.
European airlines have already warned of imminent fuel shortages after their main supply line through the Strait of Hormuz was cut off. About 75% of Europe's jet fuel comes from the Middle East, making the problem even more critical.
Airlines around the world are adapting their strategies to deal with the crisis.
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