FLIGHT experts have warned travelers that airfares are likely to soar this summer.
A group of aviation industry leaders revealed that global inflation and jet fuel costs are significant factors in rising prices.
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The global push for decarbonization has seen airlines compete for the little amount of sustainable aviation fuel, or SAF, available on the market.
Willie Walsh, director general of the International Air Transport Association, an industry trade group, said: “Airlines will continue to do everything they can to keep costs under control as much as possible for the benefit of consumers.
“But I think it’s not realistic to expect that the airlines can continue to absorb all the costs… It’s not something we like to do, but it’s something we have to do.”
The hangover from the pandemic is another factor in the expected sharp increase in ticket prices, experts say.
Airlines continued to operate older planes, which burn more fuel, for longer periods
Additionally, there are not enough new aircraft to expand routes and keep up with supply to reduce overall prices.
The International Air Transport Association (IATA) has warned that global airline revenue is expected to reach almost a trillion pounds by 2024, a record high.
4.96 billion travelers are expected to fly this year, with total airline spending reaching a record high of £736 billion.
However, industry profits are also expected to reach a staggering £47 billion.
Popular airline Emirates, which flies thousands of Brits to Dubai, made record profits last year.
The luxury commercial airline has raked in more than £3 billion on revenues of £25 billion.
Its base, Dubai International Airport, was considered the busiest in the world, after more than 86 million passengers traveled there.
Tim Clark, the airline’s president, said he is shocked by the current state of ticket prices.
Airlines continued to grow and consolidate, which passed cost savings on to consumers, he added.
Yvonne Manzi Makolo, CEO of RwandAir, also highlighted the taxes and fees charged to airlines by the countries in which they operate.
This comes after Martin Lewis shared how savvy tourists can get the cheapest possible flight fares from easJet.
And a former flight attendant has revealed the signs you should look out for if you think something is wrong on your flight.
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