The International Air Transport Association (IATA) has said the price of jet fuel has continued to increase in recent weeks, with its price increasing by 70 percent since the start of 2021.
According to IATA, the Switzerland-based trade organization representing over 290 international airlines, the increase in Jet A1 price is putting pressure on airlines’ operating costs and threatening the industry’s profitability.
IATA said jet fuel prices continued to trend upwards in recent weeks as economic activity restarted around the world and supply remained tight.
The association disclosed this in its ‘Airlines Financial Monitor’ which was released on Tuesday.
It added that as of early November, jet fuel price was 70 percent higher compared to the start of the year.
IATA added that airline stocks dropped across all regions in October because of rising jet fuel prices on airlines’ operating costs.
