Rising fuel prices, driven by the conflict in the Middle East and the war in Iran, are set to push up airfares.
AEGEAN Airlines is proceeding with fare adjustments, which are expected to remain relatively contained at around 7%-8%. The price of crude oil has risen sharply, from approximately 70 dollars per barrel to 110 dollars (+50%). An even steeper increase has been recorded in jet fuel, which has more than doubled from about 800 to 1,700 dollars per tonne (+110%).
The disproportionately higher rise in jet fuel compared with crude oil is attributed to the fact that a significant share of jet fuel refining takes place at major Gulf refineries, where access and distribution have now been severely constrained. However, company sources noted that, as part of AEGEAN’s consistent risk management strategy, 60% of its monthly fuel needs have been secured through forward purchases. This limits its exposure to 40%, allowing the airline to contain cost increases for passengers at relatively modest levels of 7%–8%.
Passenger categories unaffected by the increases
Some 3.6 million AEGEAN passengers who have already purchased tickets for the coming months remain unaffected by the changes.
In addition, tens of thousands of AEGEAN Pass holders who have pre-purchased their travel packages will also not be impacted.
Moreover, for the next two weeks, the airline is offering customers the option to purchase an AEGEAN Pass for their destination of choice at pre-crisis prices, providing additional “protection” for their travel plans.
“Under normal conditions (2025), fuel costs account for approximately 22% of our total cost base, representing our largest operating expense. The more-than-doubling of jet fuel prices therefore has a direct and significant impact on our overall cost, as well as across the global aviation industry, inevitably leading to higher fares,” company sources said.
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