Fuel costs are a significant but highly variable expense for airlines worldwide, constituting 19 percent of total expenditure in 2021.
Jet fuel
Airline fuel, otherwise known as jet fuel or aviation turbine fuel, is kerosene-based and therefore derived from petroleum. Consequently, the cost of airline fuel tracks the overall price of crude oil. However, it is common for airlines to hedge fuel purchases, meaning a constant price is agreed in advance for a set period of time. This practice can be used to create a partial buffer between the price of oil and its effect on airlines’ expenditure.
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IATA. (October 5, 2021). Fuel costs of airlines worldwide from 2011 to 2022, as percentage of expenditure [Graph]. In Statista. Retrieved May 21, 2022, from https://www.statista.com/statistics/591285/aviation-industry-fuel-cost/
IATA. "Fuel costs of airlines worldwide from 2011 to 2022, as percentage of expenditure." Chart. October 5, 2021. Statista. Accessed May 21, 2022. https://www.statista.com/statistics/591285/aviation-industry-fuel-cost/
IATA. (2021). Fuel costs of airlines worldwide from 2011 to 2022, as percentage of expenditure. Statista. Statista Inc.. Accessed: May 21, 2022. https://www.statista.com/statistics/591285/aviation-industry-fuel-cost/
IATA. "Fuel Costs of Airlines Worldwide from 2011 to 2022, as Percentage of Expenditure." Statista, Statista Inc., 5 Oct 2021, https://www.statista.com/statistics/591285/aviation-industry-fuel-cost/
IATA, Fuel costs of airlines worldwide from 2011 to 2022, as percentage of expenditure Statista, https://www.statista.com/statistics/591285/aviation-industry-fuel-cost/ (last visited May 21, 2022)