Price of Jet Fuel Skyrockets

The price of jet fuel continues to skyrocket after rising to a record of nearly $3.50 per gallon in March.

Via Aircargoworld.com:

At New York Harbor in January, jet fuel averaged $1.6916 per gallon. Just one month later, it was going for $2.9368 and jumped over $3 on the first Monday of March. Since then, every day has seen records broken somewhere in the world. The top five spot markets were all selling jet fuel at record prices last week. New York’s was highest at $3.482 per gallon.

Don’t be surprised to see the U.S. fuel surcharge for air exports (currently hovering around $0.85/kg) jump up to around $0.95/kg over the next few weeks as carriers raise prices to combat rising fuel prices.