The president of the Association of Travel and Tourism Agencies in Lebanon (Attal), Jean Abboud. (Credit: NNA)
The president of the Association of Travel and Tourism Agencies in Lebanon (Attal), Jean Abboud, has said "the rise in fuel prices will not be reflected in air ticket prices," according to comments relayed by several news media.
In a statement, Abboud said that "oil is not the only factor that determines the operating costs of airlines." He pointed out that oil prices would have to rise by more than 25 percent for this to be reflected in an increase in the price of travel tickets, which are set in agreement with "the International Air Transport Association (IATA) and not by the oil companies."
Abboud pointed out that "at the start of the war in Gaza [in October] insurance premiums for aviation companies increased by 80 percent in Beirut and, despite this, ticket prices have not changed, because this factor only represents a tiny part of operational costs."
Oil prices have risen overall on the world markets since the start of the year, by around 10-12 percent for both WTI (around $80) and Brent (around $83). But they are still well below the 2023 peak (around $95).