Aviation Fuel Prices Reach A Staggering Record High

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Aircraft jet fuel on Saturday increased by a marginal 0.2%. This latest increase marks the 8th spike in a row this year and is an all-time high. 

The growing cost of flight 

Aircraft fuel, or aviation turbine fuel (ATF) is a special kind of fuel that allows aircraft to fly. It has been increased to 277.5 per kilolitre, or 0.2%, in the national capital.

ATF makes up approximately 40% of the standard running cost of an airline. 2022 has seen a noticeable increase in that percentage as ATF prices have seen an increase every fortnight since the start of the year.  

Meanwhile, petrol and diesel prices have remained unchanged for the 10th straight day after rising by a record 10p per litre each. 

ATF prices are revised on the 1st and 16th of every month. This increase in ATF prices comes after the highest increase of 18.3% on 16 March. 

India has been hit the hardest so far. ATF rates were increased in India following the rise in energy prices globally. The increase has been a consequence of supply concerns following Russia’s invasion of Ukraine in February, and the subsequent sanctions that followed. Supply concerns were a preexisting issue before the Russian invasion of Ukraine due to increased demand post the COVID-19 pandemic and easing of restrictions. 

India primarily depends on imports, the country is 85% dependent on imports to meet its needs in aviation and elsewhere. 

Elsewhere, several North American carriers have decided to cut capacity on their aircraft in an attempt to mitigate the losses surrounding rising fuel costs. 

Nigerian carrier Air Peace faced a dire predicament in March, announcing that they could only operate aircraft for a couple more days before they ran out of fuel. 

This latest increase in aviation fuel reflects the global surge in energy prices across the globe. 

Has your flight been cancelled due to a lack of fuel? Let us know in the comments below.