US EditionEuropean flight prices are falling in short-term, Wizz Air boss says
Wizz Air’s chief executive said airlines are cutting fares to offset hesitant demand, while jet-fuel costs remain about $1,500 per metric tonne, he said.
- József Véradi, chief executive of Wizz Air, said he does not expect European jet fuel shortages, citing current prices of $1,500 per metric tonne that create supply flexibility.
- The US-Israel war with Iran closed the Strait of Hormuz for eight weeks, blocking Gulf supplies and driving jet fuel prices to surge from $831 to $1,500 per metric tonne.
- Industry players use hedging policies to lock in fuel costs in advance, while Véradi noted that "short term" price stimulation can overcome customer "hesitancy" about booking amid economic uncertainty.
- Spain's Minister for Industry and Tourism Jordi Hereu recommended booking flights soon to avoid rising fares, while British travel agents' chief Mark Tanzer said airline bodies report no supply disruptions.
- Véradi predicted jet fuel prices will remain elevated for up to 18 months, describing Europe's reliance on Middle East energy as "kind of crazy," while forecasting significant capacity reductions in September and October.
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13 Articles
The low-cost Wizz Air airline estimates a solid increase in demand in the summer season, with a flight schedule of 17% higher than last year, despite concerns about fuel supply in the Middle East conflict, reports Reuters.
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Jozsef Varadi, Director General of Wizz Air, said on Monday that the summer programme of the European low-cost airline will be 17% higher this year, the increase being concentrated on the markets of Balkans and Caucasus, despite concerns about fuel supply for aircraft and the costs associated with the war in Iran, reports Reuters. ...
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