It will take months for jet fuel prices and supply to normalize, even if the Strait of Hormuz opens and remains open, the chief of the International Air Transport Association (IATA) said on Wednesday, Anadolu Ajansı reports.
He noted that while crude prices dropped about 15% following recent announcements, restoring the global supply of jet fuel and other refined products needed more time, during his speech at the IATA World Data Symposium in Singapore.
He emphasized that the Middle East served as a critical part of the global supply chain, meaning the recovery would not happen in weeks despite the early positive effects on prices.
He recalled that there is an almost direct correlation between the oil price and ticket prices, and the issue has always been how long it takes for the industry's pricing action to be reflected in the actual revenues.
