
New Zealand's national airline has become the latest to cut flights and hike fares as jet fuel prices surge to record levels due to the US-Israeli war with Iran.
Air New Zealand's cancellations are expected to hit routes in and out of Auckland, Wellington and Christchurch, with flights to smaller airports unchanged.
Many airlines around the world have had to take emergency measures to counter the surge in the cost of fuel, which typically makes up 20-40% of their operating costs.
Last week, the benchmark European jet fuel price hit an all-time high of $1,838 (£1,387) per tonne, compared with $831 before the war began.
The Gulf is a major source of aviation fuel, accounting for about 50% of Europe's imports. The bulk of it comes through the Strait of Hormuz, which Iran has effectively closed in response to US and Israeli attacks.
The price surge also reflects the role Middle Eastern refineries play in jet fuel supply. The Al-Zour refinery in Kuwait alone provides roughly 10% of Europe's jet fuel imports, according to Energy Intelligence.
Air New Zealand, which had already cut some flights last month, said the "vast majority" of customers by the cancellations were being alternative offered flights on the same day.
"Like airlines globally, we're experiencing jet fuel prices that are more than double what they would usually be" a spokesperson said.
Many airlines in Asia have been cutting flights and raising fares to cope with the situation. Last week, Korean Air became the latest carrier to say it was moving into emergency management mode.
But airlines globally have been taking action. US airline UnIted Airlines and Scandinavia's SAS are among those to have cut flights and increased ticket prices.
Air France-KLM has said it plans to increase prices on long-haul flights, while Cathay Pacific is raising its fuel surcharge.
British Airways owner IAG and EasyJet have been able to hold off on either measure so far as they are buying their fuel at a price fixed before the war began.
However, Ryanair Michael O'Leary told Sky News last week that jet fuel supplies could start to be disrupted in May if the conflict continued.
LATEST POSTS
- 1
Two Passover initiatives target isolation and safety for Israel’s elderly - 2
My Dad Can't Travel Like He Used to, but Slowing Down Doesn't Mean Stopping - 3
4 Creative Savvy Home Gadgets of 2024: Reforming Home Robotization and Security - 4
Insight: Pills, TikTok, weight-loss apps and the consumer-driven future of GLP-1s - 5
SpaceX launches Italian Earth-observing satellite to orbit on the 1st mission of 2026 (video)
American Airlines Flight Attendant Disappears Amid Layover in Colombia, Authorities Investigating
The Electric Toyota Hilux Is Finally here, But It's Not Cheap
The 10 Most Noteworthy Games in History
Tesla plans to expand production at German car plant
James Webb Space Telescope watches our Milky Way galaxy's monster black hole fire out a flare
I'm an 83-year-old yoga instructor. I'm not your typical grandma — I still work to feel fulfilled and supplement my Social Security.
Burger King launches 'SpongeBob' menu ahead of film's release. A look at the Bikini Bottom-inspired meal, plus what taste testers are saying.
Home Machine Basics: An Exhaustive Purchasing Guide
What you need to know about Trump accounts as Michael and Susan Dell donate $6 billion to the new early childhood investment program












