Avelo CEO Andrew Levy warns airfares may rise as fuel prices hit $171.01 per barrel
Andrew Levy states surging fuel costs are pressuring Avelo Airlines, with global jet fuel prices rising to $171.01 per barrel.
Avelo Airlines founder and CEO Andrew Levy stated that rising fuel prices have returned to uncomfortably high levels, creating significant cost pressures for the carrier. Levy noted that these costs are linked to geopolitical tensions in the Middle East, which have disrupted supply routes and affected markets globally. According to the International Air Transport Association, global average jet fuel prices increased 9% from the previous week to $171.01 per barrel last week due to these disruptions. Levy indicated that the airline industry is facing similar challenges as seen earlier in the period. He confirmed that Avelo will ultimately need to pass some of these higher costs on to customers.
