High Price of Oil will Reflect in Higher Ticket Prices, Says IATA Chief

New Delhi: With the rise in fuel costs, air travel may become a costly affair soon. The airline companies may pass on the burden of costs to consumers as oil prices have jumped in recent years, Willie Walsh, director general of the International Air Transport Association (IATA), said, reports BBC.

“Flying will be more expensive for consumers, without doubt”, he said, adding that the “high price of oil” will be “reflected in higher ticket prices”.

Earlier, the IATA chief had warned that the prices of airline tickets will go up “without doubt” as “oil” is the single biggest element of an airline’s cost base. 

“It’s inevitable that ultimately the high oil prices will be passed through to consumers in higher ticket prices,” BBC reported. 

The US has announced a complete ban on oil imports from Russia, while the UK is to phase out Russian supplies by the end of the year. To punish Russia for invading Ukraine, the European Union leaders have also said they will block most Russian oil imports by the end of 2022.

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As the fuel prices are soaring, domestic and international air fares in India have witnessed a spike of up to 50% in the last few months.

(With inputs from IANS)