With the world reopening to international travel many of us are getting excited about the prospect of hopping on a plane for a summer getaway. However, you may want to consider booking your flights sooner rather than later as airfares are expected to climb higher in the next couple of months.
With the ongoing war between Ukraine and Russia, motorists aren’t the only ones feeling the financial pressure of the increase in petrol prices– airlines may start increasing airfare costs as the price of a barrel of jet fuel continues to skyrocket.
New data from travel search site Hopper shows that airfare has already increased 40% from the beginning of the year and will continue to rise 10% through May.
The price of jet fuel according to the Energy Information Administration (EIA) currently costs $3.07 a gallon, making it at the highest price since January 2014.
According to Australian regional airline Rex, the surge in jet fuel has left them with no choice but to jack up its regional and domestic fares by at least $10 in order to pay for operation costs.
Speaking to News.com.au Rex’s general manager of network strategy Warrick Lodge says this is the first time the company has increased its fares in over three years.
“With fuel prices shooting up by over 30 per cent in recent weeks and with supply chains being severely disrupted, the existing ticket prices are no longer tenable,” Lodge said.
Even airline travel giants Qantas have warned travellers to expect airfares to rise to cover the cost of higher fuel prices.
Qantas Chief Executive Alan Joyce says because of current oil prices, Qantas would need to raise revenue per available seat kilometre – an industry measure mixing fares and the percentage of seats filled – by 7%.
Australian airlines aren’t the only ones increasing airfare costs, over in Europe, it has been predicted that tickets could increase by up to AU$179.03 (€120) to cover the rising costs.
Travel editor at the Irish Independent, Pil Ó Conghaile, explains how Russia’s decision to ban Western airlines from using their airspace means pilots will have to seek out new, longer, routes to get to their final destination.
“You’re going to look at airlines having to do longer routes, particularly between Europe and Asia,” he said.
“If you’re doing an 11-hour trip, say from London to Tokyo, or a long route like that, it could add about €25,000 to the cost of the return flight or €120 per ticket,” he said.
Speaking to the ABC David Beirman, a senior lecturer in tourism at the University of Technology Sydney, said flights aren’t the only thing affected by rising fuel prices. Other costs of travel like trains, coaches and even accommodation may be affected.
“It’s certainly going to have an impact on the overall price [of travel],” Dr Beirman says.
Dr Beirman suggests shopping around and looking for travel providers, like Travel at 60 who can give you the most out of your travel funds.
Travel at 60 have adventures in Australia, New Zealand and across the world. Whether you’re planning your own itinerary or want to travel with fellow over-60s, this full-service travel agency is here to make it easy.