Regan Brown
The price of jet fuel, also known as Jet A1, is closely tied to the price of oil, which fluctuates daily. As of January 2022, Jet A1 was priced at approximately $816 per metric ton, or $0.82 per KG, which equates to about $0.37 per pound. This price is exclusive of delivery and refueling charges, which can significantly impact the final cost for airlines. Private jet fuel costs can vary based on location and aircraft type, with prices per gallon ranging from $3.55 in Asia to $9.79 in Boston. Additionally, calculators are available to estimate the fuel cost per hour for private jets based on current fuel prices.
| Characteristics | Values |
|---|---|
| Jet Fuel Price Monitor | $90.21/bbl |
| Jet A-1 fuel cost as of January 2022 | $816 per metric tonne or $0.82/£0.61 per KG |
| Jet A-1 fuel cost in May 2020 | $200 per metric tonne or $0.20 per KG |
| Jet A-1 fuel cost in January 2021 | $430 per metric tonne or $0.43 per KG |
| Jumbo Jet (Boeing 747-400) fuel cost from London to New York | £53,500 |
| A380 fuel cost | £205,000 |
| IATA jet fuel price in North America as of May 11, 2022 | $4.82 per gallon |
| IATA jet fuel price in Europe as of May 11, 2022 | $4.01 per gallon |
| IATA jet fuel price in Asia as of May 11, 2022 | $3.55 per gallon |
| Jet A fuel price in Boston as of May 11, 2022 | $9.79-$13.38 per gallon |
| Jet A fuel price in Oklahoma City as of May 11, 2022 | $7.05 per gallon |
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What You'll Learn
Jet A-1 fuel cost in January 2022
As of January 2022, the price of Jet A-1 fuel was approximately $816 per metric tonne, which is about $0.82 or £0.61 per kilogram. This is almost double the price from the previous year, where Jet A-1 fuel was priced at approximately $430 per metric tonne or $0.43 per kilogram. The price of jet fuel is closely aligned with the price of oil, which varies daily. For example, in May 2020, the price of jet fuel was down 69% compared to the previous year due to the collapse in oil prices brought about by the COVID-19 pandemic.
The cost of jet fuel also depends on the location. For instance, in India, Aviation Turbine Fuel (ATF) prices were increased every fortnight beginning January 1, 2022. On January 1, ATF prices were Rs 76.1 per litre, which increased to Rs 79.3 per litre on January 16, and Rs 86.0 on February 1. In Delhi, the jet fuel oil price was Rs 1,12,924 per kilolitre.
The price that airlines pay for jet fuel also varies depending on the price they have "hedged" the fuel at. Hedging is when a constant price is agreed upon for fuel for a set period, helping to reduce risk and fixed costs. For example, an airline may agree to purchase a fixed amount of fuel at $600 per metric tonne for 12 months, regardless of any fluctuations in fuel price.
The cost of the fuel required for a flight from London to New York on a B747 Jumbo Jet is approximately £53,500, which works out to £118 per person based on 450 passengers.
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Fluctuating jet fuel prices
The price of jet fuel is volatile and subject to constant change. Several factors influence the price, and it is closely aligned with the price of oil, which fluctuates daily. For instance, in May 2020, the price of Jet A-1 fuel was 69% lower than the previous year due to the collapse in oil prices caused by the COVID-19 pandemic. As of January 2022, Jet A-1 fuel cost approximately $816 per metric tonne, or $0.82 per KG, which was about double the price from January 2021.
The cost of jet fuel also varies by region and is influenced by factors such as demand and local taxes. For example, on May 11, 2022, the IATA per-gallon price was $4.82 in North America, $4.01 in Europe, and $3.55 in Asia. Even within a country, prices can vary significantly. For instance, in the United States, jet fuel prices can differ by hundreds of dollars per gallon between states.
The weight of an aircraft and the length of a flight also impact the overall cost of jet fuel for an airline. A heavier aircraft will require more fuel to fly the same distance as a lighter aircraft. Additionally, longer flights will naturally require more fuel than shorter ones. For example, a Boeing 747 Jumbo Jet flying from London to New York burns approximately 70,000 kilograms of fuel, costing around £53,500.
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Jet fuel price per gallon
The price of jet fuel is dependent on various factors, including the region and the airport. The national average price of jet fuel in the United States is $6.25 per gallon. However, prices vary across the country. For instance, the FAA Alaska region reports the highest jet fuel price at an average of $8.08 per gallon, while the FAA Central region has the lowest average price at $5.52 per gallon.
The price of jet fuel is also measured and sold by the barrel, with the global average jet fuel price being $90.21 per barrel. This price reflects the average cost of aviation jet fuel paid at the refinery for a reported week and is published by S&P Global Platts, a leading energy information provider. Platts' assessments are based on the demand for jet fuel in the region and are compared to average spot prices in 2000 to generate a percentage reflecting the overall price rise.
The price of jet fuel is an important factor in the aviation industry, and organizations like GlobalAir.com and the IATA Fuel Team provide resources to monitor fuel prices. GlobalAir.com offers an Aviation Fuel Map and historical fuel price data, while the IATA Fuel Team provides a Jet Fuel Price Monitor that includes a Platts Jet Fuel Price Index. These tools help users stay informed about jet fuel prices and make informed decisions regarding flight planning and fuel procurement.
It is worth noting that the prices provided by GlobalAir.com are averaged over 3,229 FBOs (Fixed-Base Operators) reporting aircraft fuel prices over the past 30 days. Additionally, GlobalAir.com sources its data from government sources like NOAA, NWS, FAA, and NACO, but it cannot guarantee the accuracy or completeness of the information. As a result, users are advised to refer to all available information and possess current charts as required by the Federal Aviation Administration.
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Jet fuel cost per hour
The cost of jet fuel per hour depends on several factors, including the type of aircraft, distance travelled, weight, temperature, and the number of passengers and baggage.
Conklin & de Decker use flight manuals with recommended cruise speed to calculate fuel burn per hour, including start, taxi, and take-off fuel. Their calculations assume two pilots and four passengers. According to their data, the Bombardier Global 7500 burns 528 gallons per hour, while the Embraer Phenom 300 light jet consumes 183 gallons per hour. Light jets, as a category, can consume anywhere between 134 and 222 gallons of jet fuel per hour.
The cost of jet fuel also varies by region. For example, on May 11, 2022, the IATA per-gallon price was $4.82 in North America, $4.01 in Europe, and $3.55 in Asia. In Boston, jet fuel prices ranged from $9.79 to $13.38 per gallon, while in Oklahoma City, it was as low as $7.05 per gallon.
As of January 2022, the price of Jet A1 was approximately $816 per metric tonne, which equates to about $0.82 or £0.61 per KG. This price had doubled compared to the previous year, where the price of Jet A1 was approximately $430 per metric tonne or about $0.43 per KG.
To calculate the cost of jet fuel per hour, one can multiply the fuel consumption per hour in gallons by the current per-gallon cost of jet fuel.
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Jet fuel cost for long-haul flights
The price of jet fuel is closely tied to the price of oil, which varies daily. For example, in May 2020, the price of Jet A1 was down 69% compared to the previous year. As of January 2022, the price of Jet A1 was approximately $816 per metric ton, or $0.82 per KG. This price is around double what it was a year prior, in January 2021, where the price of Jet A1 was approximately $430 per metric ton or about $0.43 per KG.
The cost of jet fuel has a significant impact on the profitability of long-haul flights. A decrease in jet fuel prices can incentivize airlines to launch additional long-haul routes, such as connecting Australia to Europe, South Asia to South America, and North America to Africa. For instance, the cost of the fuel required to fly a B747 Jumbo Jet from London to New York is approximately £53,500, while filling an A380 with fuel costs approximately £205,000.
The introduction of highly efficient aircraft, such as the 777X and A350, has helped airlines manage fluctuations in fuel prices and maintain profitability on long-haul routes. These aircraft enable airlines to sustain changes in fuel prices and ensure routes remain profitable even with reduced demand.
While low jet fuel prices can encourage the expansion of long-haul routes, airlines are typically cautious about starting new flights that heavily depend on fuel prices due to the volatile nature of oil prices. Nevertheless, the availability of efficient aircraft and favorable fuel prices can create opportunities for airlines to explore new destinations and invest their profits in ultra-long-haul flights between popular cities.
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Frequently asked questions
As of January 2022, the price of Jet A1 was approximately $816 per metric ton, which equates to about $0.82 per KG or £0.61 per KG. This means that a pound of jet fuel would cost around $0.37 or £0.28.
The cost of jet fuel per gallon varies depending on location and date. For example, on May 11, 2022, jet fuel was selling between $9.79 and $13.38 per gallon in Boston, and in Oklahoma City, it was as low as $7.05 per gallon.
The cost of filling up a jet with fuel depends on the size of the jet's fuel tank. For example, an A380 jet, which can hold approximately 315,000 liters of fuel, would cost approximately £205,000 to fill up. A Jumbo Jet (Boeing 747-400) flying from London to New York would require approximately 82,300 liters of fuel, costing around £53,500.
