BAKU, Azerbaijan, April 9. BMI, a Fitch Solutions company, has increased its prediction for the average global jet fuel price in 2024 by 5.4 percent to $111 per barrel, Trend reports.
According to BMI, as air travel picks up in the next few months, jet fuel prices are expected to rise even more. However, a slowdown in the global economy might lessen air travel demand, and high refining margins could keep fuel production high, which would limit how much jet fuel prices can go up.
Meanwhile, regional jet fuel prices have gone up compared to last week because the usual drop in demand during this time of year is being balanced out by higher crude oil prices, BMI noted. There haven't been many refinery issues lately, which usually keeps fuel prices down. But recent attacks on Russian refineries could change that and push jet fuel prices higher if the outages continue.
So far this year, the three regional jet fuel prices have increased by an average of 1.2 percent.
In New York and Rotterdam, prices have gone up by 2.3 percent and 1.6 percent respectively, but in Singapore, they've gone down by 0.4 percent. This isn't as much of a drop as BMI expected, considering that Brent crude oil prices have risen by 13 percent during the same time. The company noted that, if crude oil prices hadn't gone up, jet fuel prices might have gone down even more.
