A flock of birds flies with a Turkish Airlines Airbus A321 aircraft as it approaches Zurich Airport. Reuters
A flock of birds flies with a Turkish Airlines Airbus A321 aircraft as it approaches Zurich Airport. Reuters
A flock of birds flies with a Turkish Airlines Airbus A321 aircraft as it approaches Zurich Airport. Reuters
A flock of birds flies with a Turkish Airlines Airbus A321 aircraft as it approaches Zurich Airport. Reuters

Fuel price spike and Russia-Ukraine crisis risk airlines' recovery, Iata says


Deena Kamel
  • English
  • Arabic

The Russia-Ukraine conflict will have a “negative impact” on travel, mainly among neighbouring states, while the spike in fuel prices is pressuring costs of global airlines emerging from the two-year Covid-19 crisis, the International Air Transport Association said.

Iata's latest financial forecast for the industry in October, which expected airlines to lose $11.6 billion in 2022 with jet fuel at $78 per barrel and fuel accounting for 20 per cent of costs, means airlines' yields are likely to take a hit from oil prices that have reached more than $100 per barrel if those highs are sustained, Iata said.

“Absorbing such a massive hit on costs just as the industry is struggling to cut losses as it emerges from the two-year Covid-19 crisis is a huge challenge,” Willie Walsh, director-general of Iata, said. “If the jet fuel price stays that high, then over time, it is reasonable to expect that it will be reflected in airline yields.”

With the international airlines suffering from a sharp rise in oil prices, the additional cost of rerouting flights to avoid Russian airspace is expected to drive up ticket prices and air cargo rates.

Oil prices surged past $130 a barrel on Tuesday, their highest level since 2008, after US President Joe Biden announced that the US would ban crude, gas and coal imports from Russia. Prices eased as the UAE envoy to the US said the country supports increasing oil output amid tight market conditions.

Ukraine market accounted for 3.3 per cent of European passenger traffic and 0.8 per cent of global traffic in 2021, according to Iata.

The Russian international market represented 5.7 per cent of European traffic (excluding Russia's domestic market) and 1.3 per cent of global traffic in 2021.

Airspace closures have led to rerouting or cancellations of flights on some routes, mostly in Europe-Asia but also in the Asia-North America market.

“This impact is mitigated owing to greatly diminished flight activity since borders in Asia were largely closed owing to Covid-19,” Iata said.

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

RESULT

Esperance de Tunis 1 Guadalajara 1 
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’

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Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages. 

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Results
%3Cp%3E%3Cstrong%3EStage%207%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Adam%20Yates%20(GBR)%20UAE%20Team%20Emirates%20%E2%80%93%203hrs%2029min%2042ses%3Cbr%3E2.%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%20%E2%80%93%2010sec%3Cbr%3E3.%20Geoffrey%20Bouchard%20(FRA)%20AG2R%20Citroen%20Team%20%E2%80%93%2042sec%3Cbr%3E%3Cstrong%3EGeneral%20Classification%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%3Cbr%3E2.%20Lucas%20Plapp%20(AUS)%20Ineos%20Grenaders%20%E2%80%93%2059se%3Cbr%3E3.%20Adam%20Yates%20(GBR)%20UAE%20Team%20Emirates%20%E2%80%9360sec%3Cbr%3ERed%20Jersey%20(General%20Classification)%3A%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%3Cbr%3EGreen%20Jersey%20(Points%20Classification)%3A%20Tim%20Merlier%20(BEL)%20Soudal%20Quick-Step%3Cbr%3EWhite%20Jersey%20(Young%20Rider%20Classification)%3A%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%3Cbr%3EBlack%20Jersey%20(Intermediate%20Sprint%20Classification)%3A%20Edward%20Planckaert%20(FRA)%20Alpecin-Deceuninck%3C%2Fp%3E%0A
While you're here
The specs: 2018 BMW X2 and X3

Price, as tested: Dh255,150 (X2); Dh383,250 (X3)

Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)

Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)

Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)

Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)

Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)

Updated: March 13, 2022, 9:33 AM`