08 March 2011 17:22 [Source: ICIS news]
LONDON (ICIS)--Jet kerosene prices in Europe have risen to over $1,000/tonne (€720/tonne), increasing fears that airlines could introduce fuel surcharges, sources said on Tuesday.
The recent rise in jet fuel prices is a result of the ongoing violence in Libya and protests elsewhere in the Middle East and ?xml:namespace>
At 16:30 GMT, jet kerosene prices traded at 30-month highs of $1,033.75-1,034.75/tonne CIF (cost insurance freight) NWE (northwest
These were the highest levels seen since September 2008, when cargoes traded at an average of $1,031.51/tonne CIF NWE.
Buyers from the aviation industry said that hedging could only help to minimise losses and that surcharges were needed if they were to absorb increased jet fuel costs.
A source with
While the majority of sources agreed that the aviation sector was under pressure, none believed that the results would be as devastating as those seen during the last recession.
($1 = €0.72)
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