Will plane tickets become more expensive? - Vathi: Reservations in some destinations have dropped by up to 80%
Recent unrest in the Middle East and uncertainty in the Strait of Hormuz have raised fears of a possible increase in airfares due to rising oil prices. But are travelers' pockets really at risk due to a rise in airfares?
"Taking into account what has happened in the past, in similar cases of oil price increases, but also the way airlines operate with Albania, of course the increase in oil prices means an increase in the cost of at least 1/3 of what they have as costs or expenses. A short-term approach to this conflict that is happening I do not believe will affect ticket prices or prices of air transport services, because a good part of the companies are international companies and optimize it through the combination of how they operate through different lines and absorb it in the overall cost. They have the ability to cope for a short-term period, 4 weeks to 8 weeks. The moment this will have a major escalation and prices really become a problem for the economies in which these companies operate, they will pass on that cost that is passed on but in a more moderate way because such lines base it more on a long-term approach. At the moment we are, it is still early to talk and I believe that for now there is no need to worry", says Eduart Gjokutaj.
On the other hand, for the tourism industry, the problem is not just about rising fuel prices. The uncertainty caused by the war has directly affected people's desire to book flights, especially to distant destinations.
"Travel itself is a very vulnerable industry, not simply from the fact of the increase in fuel costs, but it is more vulnerable to the uncertainty of traveling in difficult times, in periods of risk for flights or to destinations where there is war, or in those destinations where there is a risk of being involved in an expansion or escalation of the conflict. In these conditions, we have seen, for example, that the desire to travel has decreased, which is expressed in the reduction of reservations. There is a reduction in mass of up to 70% or 80% immediately after the war. So, and not just to destinations where they are completely closed, but also to other destinations that are distant. People generally in uncertain times are restrained in making decisions to travel at any time, not just at the moment when it explodes. Therefore, airline companies, in conditions where the demand for travel will fall, will not want to immediately reflect the increase in fuel costs in the increase in flight prices. In fact, they will even use it as a moment to to offer, to increase and encourage travel in these uncertain times. If the price increase will be final, not just for a month or two months, but will continue as it has been raised now, it will continue forever, naturally this increase in fuel prices will be reflected in the increase in air traffic tickets. But for the moment, a month, two months, I do not believe that it will have an immediate effect, " says Besnik Vathi.
The bottom line is that if the crisis remains short-term, ticket prices will remain stable. Only a prolonged escalation that would keep oil at high levels "forever" would force airlines to pass on the cost to the passenger.
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