Airlines to pay $222bn extra for fuel in 2022 – IATA
December 13, 2022251 views0 comments
By Innocent Obasi
The International Air Transport Association (IATA) has said that airlines are spending additional $222 billion on fuel.
This was disclosed by Kamil Alawadhi, regional vice president for Africa and the Middle East at IATA, while speaking at the African airlines association general assembly in 2022 on Monday.
Alawadhi said that despite the oil prices have dropped from mid-year highs, the average cost of jet fuel so far this year has been $138.8 a barrel higher than the price of crude oil in the world.
He noted that the discrepancy indicated that, in comparison to 2021, airlines would collectively spend $222 billion more on fuel this year.
He emphasized that 30% of airline expenses were related to fuel.
In his speech, Alawadhi also warned African airlines against compromising on safety, highlighting the fact that in 2021, the continent’s airlines on the IATA Operational Safety Audit registration had zero accidents, with incidents across Africa by regional and international operators continuing to be experienced.
“Regrettably the region’s accident rate remains the highest. This should serve as a sharp reminder that we need to work together towards enhanced safety oversight particularly in the areas of reporting and investigation of incidents and accidents, adopting a more aggressive approach to addressing the highest recurring operational risks.
“Prioritise safety data and information exchange by all stakeholders in order to build an accurate picture across the continent,” said Alawadhi.