Airlines face pressure as jet fuel costs soar

Summarised from 2 outlets · Updated 13 Nov, 16:28 · Archive

Airlines including Jet2, British Airways and Ryanair are grappling with sharply higher jet fuel costs and may raise fares.

Airlines across Europe are grappling with sharply elevated jet fuel costs as oil prices remain high. British Airways owner International Airlines Group reported that its fuel costs jumped by nearly a third – 30.4%, or 570 million euros (£471.9 million) – in its third quarter. The company said it was hoping to pass through close to 100% of its higher fuel costs over the full year but declined to specify how much fares were rising or give an outlook for future prices.

Ryanair has warned of a double-digit rise in fares next year across Europe and said it is considering pay freezes and increased use of artificial intelligence to offset the surge. Jet2, the UK's third largest airline and a package holiday firm, will report half-year figures on Wednesday. The market will watch closely for hints that fares will rise, though Jet2 has said it has largely hedged against higher jet fuel costs for the current financial year, providing what it calls 'cost certainty'. Summer passenger numbers jumped 8.8% in September despite the Iran conflict, suggesting bookings have remained resilient so far.

How it is being reported

• Jet2 fares under spotlight amid soaring fuel costsThe airline sector is increasingly coming under pressure as sky-high oil prices have seen the cost of jet fuel rocket.Evening Standard · 13 Nov, 16:03
• Jet2 fares under spotlight amid soaring fuel costsThe airline sector is increasingly coming under pressure as sky-high oil prices have seen the cost of jet fuel rocket.Independent Business · 13 Nov, 16:03

In this story: Jet2 · British Airways · International Airlines Group · Ryanair · Europe · UK

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