Increased Jet Fuel Costs Hit Global Airline Industry
Airlines around the world are grounding more planes to cope with the increases in jet-fuel prices.
Global capacity for May has been reduced by about 3 percentage points, with all but one of the 20 largest airlines slashing flights, according to data compiled by analytics firm Cirium Ltd.
Lufthansa is scrubbing 20,000 uneconomic short-haul flights from its European summer schedule to save on fuel.
Earlier in the week, United Airlines slashed its full-year profit forecast due to higher fuel prices caused by war in the Middle East.
Bloomberg's Benedikt Kammel breaks down the situation. (Source: Bloomberg)
Lufthansa cuts 20,000 summer flights
- Lufthansa cuts 20,000 flights due to soaring jet fuel RTE —
- Lufthansa to scrub 20,000 summer flights to save on fuel costs Irish Independent —
- Lufthansa cuts 20,000 flights as fuel prices soar and travel crisis deepens Mirror —
- Lufthansa axes 20,000 short-haul summer flights amid soaring jet fuel prices Daily Record —
- British Airways, Tui, easyJet and Jet2 warn Brits 'can forget their holidays' if the government doesn't relax taxes and rules - as flights are now costing holidaymakers HUNDREDS more due to fuel crisis and Iran war Daily Mail —