At a time when air travel is starting to record positive trends, increasing jet fuel prices have affected air carriers as well as travelers.
After the easing of COVID-19 restrictions, air travel is beginning to recover. However, oil supply shortages have again threatened the industry, TheSchengen.com reports.
Jet fuel prices around the world have risen to their highest levels in almost 14 years, which means that they have jumped to their highest levels since 2008. Something like this is happening where the import of oil from Russia has been banned due to the invasion of Ukraine.
According to Reuters, the global benchmark Brent crude oil has risen 26 percent to more than 110 euros a barrel since the start of the war in Ukraine.
He explained the same thing that the crude race led to an increase in the prices of refined products, which will be affected in the event of tight supplies. It should be noted that prices in Europe and the United States have posted similar figures, thus, leaving carriers with higher costs and increased prices.
Aside from dealing with rising fuel prices, air traffic has also registered flight time extensions.
Previously, TheSchengen.com reported that EU operators are registering flight time extensions due to the closure of Russian airspace. A recent report published by Europol revealed that the closure of Russian airspace to European Union operators had a significant impact on flight time between different destinations, especially between those on two separate continents.
Eurocontrol showed the highest flying time ever recorded between Helsinki and Tokyo. The flight time between the two capitals increased by 286 minutes, which is almost another five hours.
Given the current situation, the ten largest aircraft operators have logged fewer flights than before the pandemic.
Despite the current economic situation, the leaders of the Group Seven (G7) reiterated through a joint statement that they will continue to introduce and maintain the restrictive measures imposed on Russia.
Part of reads the statement of the leaders of the Group of Seven.
In addition, the leaders indicated that they are committed to maintaining the effectiveness of sanctions, closing loopholes, and suppressing the invasion. They said the EU would ensure that not all Russian elites, proxies and oligarchs had access to the global financial system.