The rise in the price of oil and jet fuel means an increase in the costs of flights, which will hit airlines especially, said Patrick Lucas, vice president of the economics department of the Airports Council International (ACI).
“The markets are restless in the current context. Given the geopolitical problems in Eastern Europe, fuel prices continue to rise, such as the price of oil and jet fuel, which means an increase in travel costs, especially for airlines”, he explained.
Fuel represents between 22 and 38% of the operating expenses of airlines, this, added to taxes, are two factors that represent great obstacles for the recovery of the industry.
“The industry pays about 90 billion dollars in taxes. It is very important that governments continue to support aviation, especially in these difficult times,” said Luis Felipe de Oliveira, ACI Director General.
For his part, Patrick Lucas said that eliminating some taxes would have a multiplier effect or catalytic impact on tax collection.
“When I speak of the catalytic impact, it is in terms of the impact on the Gross Domestic Product, if taxes were eliminated, passenger traffic would have an increase of around 9% worldwide, which is quite significant”, declared the specialist and director of ACI.
In recent days, the global price of jet fuel reached its highest point in five years, reaching 107 dollars per barrel, while in Latin America it registered 112 dollars on February 18, that is, 58.4% more than a year ago. year, according to the International Air Transport Association (IATA). According to ACI, prior to the Covid-19 outbreak, the airport industry was expected to generate more than 175.8 billion dollars in revenue during 2022. However, it is estimated that the impact will continue and will be reduced by 34.6%, compared to the projected.
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