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German airline Lufthansa has decided to cancel 20 thousand short-haul flights from May to October. Due to the Iran war, jet fuel prices in Europe have almost doubled. According to the company, this will save about 40 thousand tons of jet fuel.
The company has reduced daily flights by about 120 since Monday. This step has been taken at a time when oil supply has been affected due to the closure of the Strait of Hormuz and concerns about jet fuel supply in Europe have increased.
The International Energy Agency (IEA) has warned that Europe has only 6 weeks of jet fuel left.
German airline Lufthansa has decided to close loss-making routes by the end of the summer season.
Major changes in the network, loss making routes closed
Lufthansa said on Tuesday it would keep its summer flight schedule stable by making changes to its short-haul network. The company will release the full plan in late April or early May.
The company has made major changes in its network. Loss-making routes from Frankfurt and Munich are being closed, while flights from Zurich, Brussels and Vienna will be increased. This will provide better connections to passengers on long distance flights.
The capacity for long-haul flights will be reduced slightly by the end of the summer. 6 large aircraft will be retired, 2 Boeing 747 will not fly in winter and 4 Airbus A340-600 aircraft will be permanently retired in October.
To reduce expenses, the company is also grounding 27 aircraft of its CityLine fleet. Expensive fuel and disputes related to employees are said to be the main reasons behind this.
Jet fuel shortage in Europe
There has been tension on the Strait of Hormuz since the beginning due to the Iran war. Due to this, fuel and gas supply has been affected. However, Europe’s transport ministers are discussing measures to deal with the jet fuel shortage.
The European Union (EU) is considering options such as alternative American jet fuel and permission to fill more fuel from outside.
Michael O’Leary, the head of Europe’s Ryanair airline, warned that supplies could be disrupted from May if the Strait of Hormuz remains closed.
Airlines around the world are affected, tickets become expensive
Its impact is visible on airlines around the world. America’s Delta Airlines plans to save $1 billion by cutting about 3.5% of its network.
Airlines like Hong Kong’s Cathay Pacific, Malaysia’s Air Asia X and New Zealand’s Air New Zealand are also reducing routes. Many airlines have made tickets expensive or imposed fuel surcharge.
Europe’s EasyJet has warned of higher losses due to rising fuel prices. While British airline Virgin Atlantic said that despite increasing prices, profit will be difficult this year.
Impact on passengers due to jet fuel inflation
The cost of jet fuel is directly impacting the pockets of passengers. Fuel accounts for 25% to 40% of the total cost of airlines. As fuel prices increase, companies make tickets expensive or reduce flights.
Changes in the route network mean that many direct flights may be closed. Passengers may have to take connecting flights, which will increase travel time and transit hassles.
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Due to Iran war and closure of Hormuz route, there is going to be a huge shortage of jet fuel in Europe and Asia. According to the International Energy Agency (IEA), Europe now has only 6 weeks of oil left. If the supply does not start soon, flights will be canceled during the summer holiday season and ticket prices will increase.
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