Two million airline seats have been cut from May schedules as airlines redraw operations because of soaring jet fuel prices linked to the Middle East conflict. Aviation analytics company Cirium reports about 13,000 fewer flights will operate this month worldwide, with Istanbul and Munich seeing the biggest drops. Turkish Airlines and Lufthansa have made substantial cuts, including 20,000 short-haul flights by Lufthansa's CityLine subsidiary.
The price of jet fuel has more than doubled since the US-Israel attack on Iran and the closure of the Strait of Hormuz. While most major short-haul airlines from the UK are well hedged, easyJet and Wizz Air have pledged to operate summer schedules in full despite pressure on unhedged fuel costs. The industry says there are no current shortages, but international agencies predict European supply problems if the war continues.
Goldman Sachs analysts warned on Monday that the UK is the most exposed European nation as the largest net jet fuel importer, with low inventories, high import reliance, and reduced domestic refining capacity. They said stocks could fall to critically low levels, increasing the likelihood of rationing measures.
The UK government has announced contingency measures to avoid late disruption for holidaymakers, including allowing airlines to consolidate flights on routes with multiple daily services and relaxing "use-it-or-lose-it" slot rules. Transport Secretary Heidi Alexander said there were no immediate supply issues but the government was preparing to give families long-term certainty. UK refineries have been asked to maximise jet fuel production, though ministers have resisted industry calls for tax cuts and reduced environmental rules.
