ISTANBUL – It will take months for jet fuel prices and supply to normalise even if the Strait of Hormuz opens and remains open, the chief of the International Air Transport Association (IATA) said on Wednesday, Anadolu Ajansi (AA) reported.
He noted that while crude prices dropped by about 15 per cent following recent announcements, restoring the global supply of jet fuel and other refined products needed more time, during his speech at the IATA World Data Symposium in Singapore.
He emphasised that West Asia serves as a critical part of the global supply chain, meaning the recovery would not happen in weeks despite the early positive effects on prices.
He recalled that there is an almost direct correlation between the oil price and ticket prices and the issue has always been how long it takes for industry’s pricing action to be reflected in the actual revenues.
— BERNAMA-ANADOLU
