Soaring crude oil price makes air travel dear
Airlines in India have decided to pass on the rising jet fuel cost to travellers over the past few days, leading to a sharp rise in airfares. Prices are also expected to escalate as demand increases.
Geopolitical risks related to Russia’s invasion of Ukraine have contributed to higher crude oil prices with the benchmark Brent reaching almost $120 a barrel last week, the highest in more than eight years.
Aviation turbine fuel, which is derived from crude oil, has surged 63% over the past year to a record high.
On March 1st, jet fuel price shot to 96,478 rupees per kilolitre.
