Jet fuel prices reach historic highs in April

U.S. jet fuel prices in April are the highest they’ve been since 1990, with a monthly average of $3.91 per gallon for U.S. Gulf Coast jet fuel spot prices, a 134% change year over year. The highest day on record was April 28, when prices reached $5.06 per gallon, the first time prices have surpassed $5 per gallon. The second-highest month was July 2008, at $3.88 per gallon, according to the Energy Information Administration (EIA). May is trending similarly high, with the first recorded day — May 2 — the sixth-highest day on record at $4.46 per gallon. Various factors have driven jet fuel prices to these extremes — including the war in Ukraine , COVID-19 outbreaks in China , and inflation — and carriers have adjusted operations to bear the heavy costs. Some airlines cut flights and many implemented surcharges , according to carrier notices and AIT Worldwide Logistics’ carrier impact updates. Beginning in March, when jet fuel spot prices averaged $3.49 per gallon, surcharges were implemented by numerous airlines, including AeroUnion, Atlas Airlines, Avianca Airlines, CAL Cargo Airlines, Delta Air Lines, DHL, LATAM Cargo, Lufthansa, Nippon Cargo Airlines, Singapore Airlines, Swiss World Cargo and Transcarga International Airways. In April, average jet fuel spot prices increased to around $3.91 per gallon, and Air Cargo China, Asiana, Cathay Pacific, China Airlines and Japan Airlines added fuel surcharges of their own. Delta Air Lines increased rates April 1 and LATAM increased rates April 15. Other carriers have followed suit. Scandinavian Airlines implemented a fuel surcharge May 1, which the company will determine monthly based on average fuel prices. Cargolux on May 2 increased its fuel surcharge to $1.55, and it will continue to determine the fuel charge based on the Fuel Price Index. Polar Air also increased its fuel surcharge May 1 through May 15 to $1.30 per kilo for all exports from North America to Asia Pacific and $0.29 per lb for North American domestic destinations. The highest annual average fuel surcharge of $3.05 was seen in 2012, but rates from the first few months of 2022 average $3.16, suggesting 2022 could break annual records as well. The Air Cargo Tech Summit, the new airfreight logistics event presented by Air Cargo World , will take place live in Miami from June 6-7. Learn more and register here.

Jet fuel prices reach historic highs in April

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