Rising Fuel Prices Predicted to Increase Airfares in Canada as Peak Season Kicks Off

Fuel prices are likely to rise even higher in JUN, economists say, even as the price of jet fuel reached USD $176.13 in North America on 17JUN. According to the International Air Transport Association (IATA), that number is up 17 per cent from the month before, and 126 per cent up from the same day in 2021.

Duncan Dee, former Air Canada chief operating officer, said he is expecting airfares to rise further in response, as the price of fuel is typically a cost passed by airlines on to consumers. Despite the high price of fuel, Dee notes there is still “strong pent-up demand from travellers chasing fewer seats.”

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