Thousands of flights have been cancelled due to a sharp rise in the cost of aviation fuel
Airlines around the world are cancelling thousands of flights following a sharp rise in the cost of aviation fuel. According to the analytics firm Cirium, more than one in twenty scheduled flights were cancelled on Monday, reports The Telegraph.
This is almost double the figure for the same period last year. The reason is a reduction in fuel supplies due to the conflict in the Middle East and the closure of the Strait of Hormuz, through which around a fifth of the world’s oil passes.
The cost of aviation fuel has risen from $742 per tonne a year ago to over $1,710. Oil prices have also risen, with Brent reaching $116 per barrel.
Analysts are warning of a possible fuel shortage. Aviation expert Alex Macheras stated that a shortage could arise in less than a week in several markets, particularly at major European aviation hubs. According to him, airports are already warning airlines of potential situations where fuel may not be available.
Some carriers have already confirmed flight reductions. Air New Zealand is cancelling 1,100 flights by early May, whilst the Scandinavian group SAS plans to cancel 1,000 flights next month. United Airlines has reduced the number of flights on less profitable routes by approximately 5 per cent.
According to United Airlines CEO Scott Kirby, if current prices remain unchanged, the company’s costs could rise by $11 billion, and ticket prices could increase by around 20 per cent.
In total, 7,049 of the 104,618 scheduled flights were cancelled on Monday, or around 7 per cent. The highest number of cancellations was recorded in North America, where they accounted for 14.6 per cent.
In addition to fuel costs, the situation is also being affected by flight restrictions in the region. British Airways, Air France-KLM and Lufthansa have cancelled some flights to and from the Middle East.
