Sylvie Willis
The price of jet fuel is a variable factor, depending on the region, market, and date of purchase. As of January 2022, the price of Jet A-1 was approximately $816 per metric tonne, or $0.82 per KG. The national average price for a gallon of jet fuel in the US is $6.26, but prices vary across the country. For example, in November 2022, jet fuel in Boston was selling between $9.79 and $13.38 per gallon, while in Oklahoma City, it was as low as $7.05 per gallon. The price of jet fuel is closely aligned with the price of oil, which fluctuates daily.
| Characteristics | Values |
|---|---|
| Price of Jet A1 in January 2022 | $816 per metric tonne |
| Price of Jet A1 in May 2020 | $200 per metric tonne |
| Price of Jet A1 in January 2021 | $430 per metric tonne |
| Price of Jet A in Teterboro | $10 per gallon |
| Price of Jet A in Burlington, WI | $4 per gallon |
| National average price for a gallon of Jet A | $7.11 |
| National average price for jet fuel | $6.26 per gallon |
| IATA per gallon price in North America on May 11, 2022 | $4.82 |
| IATA per gallon price in Europe on May 11, 2022 | $4.01 |
| IATA per gallon price in Asia on May 11, 2022 | $3.55 |
| Jet A price range in Boston's Hanscomb Field | $9.79 - $13.38 per gallon |
| Jet A price in Oklahoma City | $7.05 per gallon |
| Cost to fill up a Boeing 747 | $450,000 |
| Cost to fill up a Gulfstream G280 | $8,000 |
| Cost to fill up an A380 | £205,000 |
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What You'll Learn
Jet fuel prices vary by region
The price of jet fuel varies significantly by region. As of January 2022, the price of Jet A1 was approximately $816 per metric tonne, which is about double the price from the previous year. This price is subject to daily variations as it is closely tied to the volatile price of oil.
For instance, in May 2020, the price of Jet A1 was down 69% compared to the previous 12 months, with Jet A1 costing around $200 per metric tonne, or $0.20 per kilogram. The cost of jet fuel also depends on the specific region and market demand, with some regions having higher prices due to higher demand or other market factors.
The Platts Jet Fuel Price Index, published by S&P Global Platts, provides daily assessments of jet fuel spot prices in relevant regional markets. These assessments are weighted based on regional demand and compared to average spot prices in 2000 to generate a percentage reflecting the overall price change. For example, an index value of 200 indicates a doubling of prices since the year 2000.
As of July 2025, the national average price of jet fuel in the United States was $6.26 per gallon, with prices varying across different FAA regions. The FAA Alaska region reported the highest jet fuel price at $8.12, while the FAA Central region had the lowest price at $5.53 per gallon.
To provide a concrete example, filling an A380 aircraft with fuel would cost approximately £205,000, assuming a fuel capacity of 315,000 litres. Similarly, a Boeing 747-400 flying from London to New York would burn approximately 70,000 kilograms of fuel, costing around £53,500.
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Jet A1 fuel prices in 2022
The price of Jet A1 fuel is closely aligned with the price of oil, which varies daily. In January 2022, the price of Jet A1 was approximately $816 per metric tonne, or $0.82 per KG. This was about double the price in January 2021, when Jet A1 was approximately $430 per metric tonne, or $0.43 per KG.
The price of Jet A1 fuel can vary depending on the region and the demand for jet fuel in that area. For example, in May 2020, the price of Jet A1 was down 69% compared to the previous 12 months due to the collapse in oil prices caused by the Covid-19 pandemic.
The cost of jet fuel also depends on the aircraft and the distance travelled. For instance, a Jumbo Jet (Boeing 747-400) flying from London to New York burns approximately 70,000 kilograms of fuel, costing around £53,500. On the other hand, the A380 can hold approximately 315,000 litres of fuel, costing around £205,000 to fill up.
According to a report from October 2022, the Nigerian aviation sector spent $192 billion on jet fuel in the first six months of the year. This was due to the steep rise in jet fuel prices, driven by the increase in crude oil prices following Russia's invasion of Ukraine.
As of 2022, there is no tax on aviation fuel in the UK or Europe. However, the actual price airlines pay for jet fuel may be higher due to delivery costs and refuelling fees. Additionally, airlines may use hedging to reduce risk and fixed costs, where they agree on a constant price for fuel for a set period, protecting them from price increases.
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The cost of filling up different aircraft
The cost of filling up an aircraft varies depending on several factors, including the type of aircraft, its weight, the distance travelled, the number of passengers and cargo, and the direction of travel. Fuel prices also fluctuate constantly, making it challenging to calculate the exact cost per aircraft per flight.
Let's take a look at the cost of filling up different types of aircraft:
Commercial Aircraft
For commercial airlines, the cost of fuel is one of the highest expenditures, accounting for 20-40% of their total costs. Airlines employ different strategies for fuelling, with some opting for enough fuel for a round trip, while others refuel only on the return journey. Refuelling on the return journey can be more complex and time-consuming, especially for a full tank top-up.
- New York JFK Airport to London Heathrow: $27,270
- JFK Airport to Los Angeles International Airport: $10,757
- Chicago O'Hare International to Miami International: $4,747 southbound and $7,201 northbound
- Denver International to San Francisco International: an average of $7,070, ranging from $4,040 to $14,140
Private Jets
Private jets have different capacities and fuel requirements, resulting in varying fuelling costs. Larger jets, such as the Bombardier Global 7500, which can carry up to 7,600 gallons of fuel and burn around 528 gallons per hour, are among the most expensive to maintain. Refuelling this aircraft could cost around $25,000 based on average jet fuel prices of $6-7 per gallon.
On the other hand, light jets, such as the Phenom 300, which holds considerably less fuel and averages 183 gallons per hour, have significantly lower refuelling costs of around $2,400 to $2,800. The Cessna Citation CJ3, another light jet, consumes around 149 gallons per hour, resulting in refuelling costs of about $2,000 to $2,500.
Jumbo Jets
A Jumbo Jet, such as the Boeing 747-400, burns approximately 70,000 kilograms of fuel when flying from London to New York. This equates to 82,300 litres, costing approximately £53,500 or €64,300.
The A380, another large aircraft, can hold approximately 315,000 litres of fuel, resulting in a refuelling cost of approximately £205,000.
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$29.91
Jet fuel prices in 2023
Jet fuel, also known as Jet A1, has seen a surge in prices in 2023. The price of jet fuel is closely tied to the price of oil, which has been volatile in recent years due to factors such as the COVID-19 pandemic, inflationary pressures, and the war in Ukraine.
In June 2023, the US national average for a gallon of Jet-A fuel was $6.59, a decrease from May's average of $6.72, but still higher than the previous year's average of $7.97. The price of jet fuel varies across regions, with the Western Pacific region having the highest average price at $7.35 per gallon, while the Central region had the lowest average price at $5.92 per gallon.
The price of jet fuel has continued to rise in 2023, with a 23% increase in August attributed to the uptick in air travel in the Asia Pacific region and tightening oil supply. This increase in jet fuel prices has been observed across various regions, including Europe, the Middle East, North America, Latin America, and Africa.
The cost of jet fuel has a significant impact on the aviation industry, accounting for about 40% to 50% of a single flight's operating costs. The fluctuations in jet fuel prices can greatly affect airlines' expenses and strategies. For example, the cost of filling an A380 aircraft with approximately 315,000 litres of fuel is approximately £205,000.
As for the cost of 370 gallons of jet fuel, it would depend on the region and the current market price. Based on the US national average of $6.59 per gallon in June 2023, 370 gallons of jet fuel would cost around $2438.30. However, prices may vary depending on the specific location and any additional costs, such as delivery and refuelling fees.
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Jet fuel price monitoring
Monitoring the price of jet fuel is a complex task, with prices fluctuating daily and varying across the globe. Several factors influence the price, and it is essential to consider these dynamics when tracking jet fuel costs. This discussion will delve into the intricacies of jet fuel price monitoring, highlighting the role of indices, regional variations, and the impact of demand on pricing.
Firstly, understanding the role of indices is vital for effective jet fuel price monitoring. The Platts Jet Fuel Price Index, published by S&P Global Platts, is a pivotal reference in the industry. This index reflects daily assessments of jet fuel spot prices in relevant regional markets. Each assessment by Platts carries a weighting based on regional demand, and these weightings collectively contribute to the Global Composite Index. Comparing these values with average spot prices from the year 2000 provides a percentage figure that indicates the overall rise in prices since that base period. For instance, an index value of 200 signifies a doubling of prices since 2000.
The Jet Fuel Price Monitor, a joint initiative by S&P Global Commodity Insights and IATA, provides valuable insights into jet fuel pricing. This platform offers not only pricing information but also related content such as commentary, podcasts, and global news. By registering on the website, users can access the latest data on the global average price paid for aviation jet fuel at refineries. However, it's important to note that historical price data may not be available, and specific queries can be directed to the IATA Fuel Team.
Regional variations in jet fuel prices are significant, and these differences can have a substantial impact on overall costs. The price of jet fuel in a particular region is influenced by factors such as local demand, supply dynamics, and market assessments for that specific area. When a market is not assessed on a given day, perhaps due to a market holiday, the previous working day's spot market price assessment is used as a reference. This practice ensures that pricing information remains as current as possible, even in the context of varying regional assessment frequencies.
Demand plays a pivotal role in jet fuel pricing. The weightings assigned by Platts in their regional baskets are primarily based on the demand for jet fuel within that region. This demand-based weighting system extends to the Global Composite Index, where each regional index is weighted accordingly. Consequently, regions with higher demand for jet fuel will exert a more considerable influence on the overall index, potentially driving up prices.
In conclusion, monitoring jet fuel prices requires a nuanced understanding of various factors. Indices, such as the Platts Jet Fuel Price Index, provide a foundational framework for understanding price movements. Regional variations, influenced by local demand and supply dynamics, contribute to price disparities across the globe. By considering these factors and utilizing resources like the Jet Fuel Price Monitor, individuals and organizations can make informed decisions regarding jet fuel procurement and cost management.
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Frequently asked questions
The cost of jet fuel varies depending on the market. As of 2023, the national average price of jet fuel in the US is $6.26 per gallon. Therefore, 370 gallons would cost around $2,316.
The Gulfstream G280, a popular business aviation aircraft, costs around $8,000 to fill up.
On one day in May 2022, Jet A was selling for between $9.79 and $13.38 per gallon in Boston.
On May 11, 2022, the IATA per gallon price in Europe was $4.01.
As of January 2022, the price of Jet A1 was approximately $816 per metric tonne.
