Jet fuel prices are at an all-time high impacting travelling costs all around the world. Amidst the Russian and Ukrainian wars, things are seemingly turning more complicated, as United States President, Joe Biden has implemented sanctions on the Russian oil export business. The United States along with European states- France, Germany and the United Kingdom are willing to ban Russian oil imports in their territories. The results are directly affecting oil prices showing a sudden surge in jet fuel prices.
The global jet fuel prices are at their highest point compared to the last 14 years of data. The shortfall of supply is said to slam the travelling business, impacting the cost of air tickets and overall travelling fair.
The covid 19 restrictions had impacted the foreign travel for a couple of years, the air travel cost was about to set on the tracks when this sudden inflation is speculated to affect the tourism yet again. It is expected that in a couple of months we could see a rise in air tickets and other travel fairs. Many travel enthusiasts are booking their tickets in advance to avoid any surge in their vacation budget.
The price of the oil barrel had reached a benchmark of $120 on Feb 24th, after Russia invaded Ukraine. The conditions worsen and due to the import and export sanctions in Russia, the jet fuel oil price have now crossed $150 per barrel, which is the highest hike since 2008. Travel is on the verge of a problem yet again, while some optimistic people are sceptical that the air ticket prices would not affect the overall foreign travel.
A jet fuel trader, from Singapore, said, “Travelling (by air) is not going to be cheap from now onwards. With the inflation across countries, most people have shallower pockets, less disposable income,”. The tourism industry could expect some bad news in the coming day due to these rises in jet fuel prices.