According to the International Air Transport Association, airlines will pay an additional $222 billion for fuel this year.
In his address to the 2022 General Assembly of the African Airlines Association in Dakar, Senegal, IATA’s Regional Vice President for Africa and the Middle East, Kamil Alawadhi, said that while oil prices have retreated from mid-year peaks, the average price of jet fuel this year has been $138.8 per barrel.
According to the IATA CEO, this means airlines will pay an additional $222 billion for fuel this year compared to 2021, with fuel accounting for 30% of airline costs. However, he warned African carriers not to compromise on safety, emphasizing that by 2021, the continent’s airlines will be on the IATA Operational Safety List.
