economy

DOT says airlines paid 56% more for fuel in March than before Iran war

The Department of Transportation revealed that aviation fuel prices increased by 56% over the war in Iran.

DOT says airlines paid 56% more for fuel in March than before Iran war

TL;DR

  • Aviation fuel prices increased by 56% from February to March.
  • Airlines collectively paid $5.06 billion for fuel in March, up from $3.23 billion in February.
  • The price per gallon of aviation fuel rose from $2.39 to $3.13.
  • The increase is linked to the war in Iran and the closure of the Strait of Hormuz.
  • Passengers may face higher plane ticket prices.
  • Spirit Airlines cited the fuel cost increase as the main cause for its closure.
  • Other budget airlines could be jeopardized due to smaller profit margins.

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