Rising jet fuel price puts extra pressure on airfreight sector
Airlines implement surcharges, could drop auxiliary passenger freighters if oil market strengthens A Qatar Airways freighter is refueled at Houston Airport. (Photo: Jim Allen/FreightWaves at IAH Airport)
The rising price of jet fuel this year is further burdening companies with airfreight shipments and could reduce limited capacity if passenger airlines opt to scuttle cargo-only flights temporarily operated since the start of the pandemic, industry officials say.
The average price for jet fuel closed Friday at $66.90 per barrel or $1.59 per gallon, more than double the cost (70 cents a gallon) to refuel an aircraft 12 months ago and nearly as expensive as before the global crisis, according to energy information provider Platts. Spot prices for U.S. jet fuel on Friday were $1.68 per gallon, Argus Media’s index showed.
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