Your British Airways flight might become costlier soon
What's the story
British Airways' parent company, International Airlines Group (IAG), has warned of possible ticket price hikes due to rising oil prices. The increase is a result of the ongoing conflict in the Middle East, which has closed the Strait of Hormuz. Despite having fuel hedges in place, IAG said it was "not immune" to the situation's impact on jet fuel costs.
Government response
UK government is closely monitoring fuel stocks
The UK government is closely monitoring fuel stocks as airlines brace for possible shortages. Airports have also relaxed rules on flight cancellations due to fuel shortages. Airport Coordination Limited (ACL) has updated its guidance on the "use it or lose it" rule at UK airports. This means airlines can now apply for exemptions if they can't fly due to fuel shortages without losing their allocated slots.
Airline updates
Jet2 assures customers flights will operate 'as normal'
Jet2 has assured its customers that flights and holidays will operate "as normal." A spokesperson said they are in constant communication with fuel suppliers and see no reason for disruption. Virgin Atlantic and EasyJet also expect to operate normally amid the crisis. However, European Union's Energy Commissioner Dan Jorgensen warned that many people's holidays could be affected by flight cancellations or expensive tickets due to the ongoing conflict.