Sylvie Willis
The price of jet fuel is a significant factor in determining airline ticket prices. The cost of jet fuel varies depending on several factors, including the size of the jet, the distance travelled, the route taken, and the airport of refuelling. As of 2024, the average cost of Jet-A fuel in the US is around $6.20 per gallon, with prices spiking to $8.00 per gallon in high-demand areas. The price of jet fuel is also influenced by the price of oil, which fluctuates daily.
| Characteristics | Values |
|---|---|
| Jet A1 fuel price as of January 2022 | $816 per metric tonne |
| Jet A1 fuel price in May 2020 | $200 per metric tonne |
| Jet A1 fuel price in January 2021 | $430 per metric tonne |
| Price of jet fuel in 2019 | Between $1.80 and $1.90 per gallon |
| Jet fuel price in July 2024 | $2.39 per gallon |
| IATA jet fuel price on May 11, 2022, in North America | $4.82 per gallon |
| IATA jet fuel price on May 11, 2022, in Europe | $4.01 per gallon |
| IATA jet fuel price on May 11, 2022, in Asia | $3.55 per gallon |
| Jet fuel price at Boston's Hanscomb Field on May 11, 2022 | Between $9.79 and $13.38 per gallon |
| Jet fuel price in Oklahoma City on May 11, 2022 | $7.05 per gallon |
| Average Jet-A fuel price in 2024 | $6.20 per gallon |
| Average Jet-A fuel price in some regions in 2024 | $8.00 per gallon |
| Average amount of fuel burnt by light jets | 150-222 gallons per hour |
| Average amount of fuel burnt by heavy jets | 400-600 gallons per hour |
| Average amount of fuel an A380 can hold | 315,000 litres |
| Average cost to fill an A380 with fuel | £205,000 |
| Average cost of fuel for a B747 Jumbo Jet flying from London to New York | £53,500 |
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What You'll Learn
Jet fuel price variations
The price of jet fuel, also known as Jet A1, fluctuates daily, closely following the variable price of oil. For instance, in May 2020, the Jet A1 price was 69% lower than the previous year's price due to the collapse in oil prices caused by the COVID-19 pandemic. In January 2022, the price of Jet A1 was approximately $816 per metric tonne, or $0.82 per KG, which doubled in a year, as in January 2021, the price was approximately $430 per metric tonne or $0.43 per KG.
The price of jet fuel also varies depending on the region and the demand for jet fuel in that region. For example, the national average price of jet fuel in the US as of July 11, 2025, was $6.26 per gallon, with the FAA Alaska region reporting the highest price at $8.09, and the Central region reporting the lowest at $5.52.
The cost of jet fuel for a specific flight depends on the type of aircraft and the distance travelled. For instance, a Boeing 747-400 Jumbo Jet flying from London to New York burns approximately 70,000 kilograms of fuel, costing around £53,500. This works out to be approximately £118 per passenger, based on 450 passengers.
Additionally, the price that airlines pay for their fuel can vary due to hedging, where they agree on a constant price for fuel for a set period, helping them reduce risks and fixed costs for financial planning.
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Fuel costs and aircraft size
The cost of jet fuel is influenced by various factors and fluctuates over time. As of the last reported week, the global average jet fuel price was $90.21 per barrel. To put this into context, one thousand gallons of jet fuel would cost approximately $2,165 at this price. However, it's important to note that jet fuel prices can vary across regions and are influenced by factors such as demand and market dynamics.
Now, let's delve into the relationship between fuel costs and aircraft size. The amount of fuel consumed by an aircraft depends on several factors, including the aircraft's size, engine efficiency, payload, flight path, and weather conditions. Larger aircraft, such as the Airbus A380, consume more fuel due to their higher capacity. The A380, which is currently the largest passenger aircraft, burns approximately 4,600 gallons of fuel per hour. In comparison, the Boeing 747, a smaller aircraft, consumes about 36,000 gallons of fuel during a 10-hour flight, averaging 3,600 gallons per hour.
The fuel efficiency of an aircraft is also influenced by its size and design. Modern twin-engine aircraft, such as the Airbus A350, are more fuel-efficient than older quadjet aircraft. The A350 consumes approximately 38 pounds of fuel per nautical mile, offering improved fuel efficiency. Additionally, the number of passengers an aircraft can carry also impacts fuel efficiency per passenger. For example, the A380 can carry over 800 passengers, resulting in a 20% increase in per-passenger fuel efficiency compared to the Boeing 747.
When considering fuel costs for different aircraft sizes, it's essential to look at the overall operational expenses. Fuel costs can account for nearly 25% to 40% of an airline's operating expenses, significantly impacting ticket prices. Rising fuel prices and the push for sustainability have brought fuel consumption and emissions into the spotlight. As a result, airlines and aircraft manufacturers are continually working to improve fuel efficiency and explore alternative fuel sources to reduce their environmental footprint.
In summary, fuel costs and aircraft size are closely interconnected. Larger aircraft tend to consume more fuel due to their higher capacity, while modern and more efficient aircraft designs can help improve fuel efficiency. The number of passengers carried also influences the overall fuel efficiency per passenger. Fuel costs play a significant role in airline operations and ticket pricing, and with the industry's focus on sustainability, there is a growing emphasis on optimizing fuel efficiency and exploring more sustainable fuel alternatives.
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Fuel efficiency and model
Fuel efficiency in aircraft is a measure of the transport energy efficiency of the aircraft. Modern jet aircraft have twice the fuel efficiency of the earliest jet airliners. The fuel efficiency of an aircraft can be improved by better aerodynamics, reducing weight, and improving engine brake-specific fuel consumption and propulsive efficiency or thrust-specific fuel consumption.
Propeller planes are much more efficient than jets, but they have a lower optimum speed of below 460 miles per hour (740 km/h). For this reason, the Bombardier Dash 8 Q400 turboprop is used as a regional airliner. Wingtip fences and sharklet blended-winglets can also improve fuel efficiency. Winglets offer a 3.5% fuel burn reduction on flights over 2,800 km (1,500 nmi). On average, among large commercial jets, Boeing 737-800s benefit the most from winglets, averaging a 6.69% increase in efficiency. Airbus A319s see the most consistent fuel and emissions savings from winglets, while Airbus A321s average a 4.8% improvement in fuel consumption.
The Airbus A350 is generally considered to be one of the most fuel-efficient widebody aircraft on the market, consuming around 38 lb per nautical mile, or approximately 2,400 gallons of fuel for a seven-hour flight. The Boeing 787-9 is not very different, burning approximately 2,700 gallons per hour. Modern twin jets are significantly more fuel-efficient than quadjets. A Boeing 747 quadjet burns up to one gallon of fuel every second, or 18,000 gallons of fuel during a five-hour flight. The Airbus A380, the largest passenger aircraft, consumes slightly more fuel than the Boeing 747 due to its higher capacity. It consumes approximately 4,600 gallons of fuel each hour, or about 23,000 gallons during a five-hour flight.
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Refuelling costs
The cost of refuelling a private jet differs based on the jet's size, model, and route taken. Light jets, for example, burn around 150-200 gallons per hour, while heavy jets can consume 400-600 gallons per hour. Newer jets often have more efficient engines, reducing fuel consumption. Additionally, long-haul flights and routes with necessary refuelling stops can significantly impact costs. Refuelling at an airport with higher-than-average prices can substantially increase the total bill. Airports in popular destinations or remote areas tend to charge higher fuel rates due to the increased transportation costs.
In May 2022, the IATA per-gallon price varied across regions: $4.82 in North America, $4.01 in Europe, and $3.55 in Asia. However, prices can differ even within the same region, and individual airports can have vastly different fuel prices. For instance, Boston's Hanscomb Field Jet A fuel prices ranged from $9.79 to $13.38 per gallon, while in Oklahoma City, it was as low as $7.05 per gallon.
The average cost of Jet-A fuel in the United States in 2024 is approximately $6.20 per gallon, but in certain high-demand areas, prices can surge to over $8.00 per gallon. These prices are significantly higher than before the COVID-19 pandemic, when prices ranged from $1.80 to $1.90 per gallon in 2019. As of July 2024, the price per gallon has dropped to around $2.39, a decrease of 42% from its post-2019 peak in 2022.
To calculate the cost of refuelling, one can multiply the jet's fuel consumption per hour by the current per-gallon cost of jet fuel. Additionally, it is essential to consider potential extra fees, such as fuel surcharges, which are common at high-demand airports and can add a few hundred dollars to the total cost.
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Jet fuel price index
The price of jet fuel is closely aligned with the price of oil, which varies daily. For example, the price of jet fuel was around $85 per barrel in May 2019, $94 in May 2018, and $76.50 in November 2017. As of January 2022, the price of Jet A1 was approximately $816 per metric tonne, which equates to about $0.82 per KG. This was about double the price from the previous year, where Jet A1 was approximately $430 per metric tonne.
The Jet Fuel Price Index is calculated by S&P Global Platts using their proprietary daily assessments for jet fuel spot prices in relevant regional centres. Each of Platts' assessments is given a weighting in the regional baskets, primarily based on demand for jet fuel in the region. In a similar way, each of the regional indices is given a weighting in the Global Composite Index. These values are compared with the average spot prices in 2000, similarly weighted by demand during that period, to generate a percentage figure reflecting the overall rise in markets compared to the base period. For example, an index value of 200 reflects a doubling of the price since the year 2000.
IATA provides a weekly analysis of jet fuel prices, updating its jet fuel price index to provide the latest price data from Platts. The global average jet fuel price in the week ending 10 September 2023 rose 0.5% compared to the previous week to $90.21 per barrel.
The price of jet fuel can vary substantially depending on the price airlines have "hedged" the fuel at. Hedging is where a constant price is agreed for fuel for a set period into the future, helping to reduce risk and fixed costs, which is important for financial planning. For example, 5 million tonnes of fuel might be hedged at $600 per metric tonne for 12 months. As a result, the cost of filling a plane with jet fuel can vary significantly. An A380, for example, requires approximately £205,000 to be filled with fuel, while a Boeing 747-400 flying from London to New York may require fuel costing approximately £53,500.
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Frequently asked questions
As of 2024, the average cost of Jet-A fuel in the US is around $6.20 per gallon, which means that 1000 gallons would cost $6,200.
A jumbo jet (Boeing 747-400) flying from London to New York burns approximately 70,000 kilograms of fuel, which equates to 82,300 litres or 21,700 gallons. The cost of the fuel required for this route is approximately £53,500 or $64,300.
The price of jet fuel varies depending on the 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. As of July 2024, the price for a gallon of jet fuel is around $2.39.
