European flight prices dip in short term, says Wizz Air chief
European flight prices dip in short term, says Wizz Air chief
Wizz Air's CEO says price cuts are possible in the near term as jet fuel costs stay elevated, with travel demand the aim amid Middle East tensions.
European flight prices are easing in the short term as airlines try to counter customer hesitancy about the economic hit from the conflict in the Middle East. Wizz Air's chief executive, József Váradi, said European airlines can trim prices in the near term because fuel was locked in at cheaper levels before the war began.
Early in the crisis, jet fuel in Europe traded around $831 per tonne, then more than doubled to about $1800, before stabilising near $1500 — still well above historic norms. The high costs have pushed some airlines to raise fares or cut flights, but Váradi argued prices can be dynamic and less dramatic in the months ahead.
Váradi also highlighted supply routes: tankers heading to the United States to pick up fuel and bring it to Europe, a sign of how airlines are trying to secure supplies amid disruptions. Industry observers say the risk of summer disruption remains real, given possible shortages and the closure of key routes like the Strait of Hormuz. However, Váradi said he does not expect fuel shortages and called the situation manageable with creative pricing and capacity adjustments.
Spain's industry and tourism minister urged travelers to book early to avoid rising fares if the war pushes costs higher. Analysts say the price moves will depend on fuel markets and demand, but for now, flight prices are softening in the short term, even as airlines brace for a potentially bumpier summer.
