Low-cost holidays and air travel firm Jet2 has issued an upbeat statement regarding its fuel supplies, confirming plans to operate its summer flights as normal. The Leeds Bradford Airport-based operator announced that following discussions with its fuel suppliers, it will not impose fuel surcharges on passengers.
Jet2 Confident in Fuel Supply
Bosses at Jet2 revealed they have recently spoken to fuel suppliers who reported increased production and additional imports from regions unaffected by the Middle East conflict. The company also assured holidaymakers that swift refunds will be provided if flights or trips are cancelled.
Steve Heapy, CEO of Jet2, stated: "We are in regular dialogue with our fuel suppliers, and the current picture is one of increased production and imports, meaning we continue to look ahead with confidence. We have already been very clear about our plans to operate our schedule as normal this summer, and our message to holidaymakers is that summer is on."
Encouraging Holiday Bookings
Heapy added: "This confidence, on top of the incredible value that our award-winning holidays offer right now, means it is a fantastic time to get that well-deserved holiday locked in, and we know that many people are taking advantage of that right now. Everything is geared up and ready for a busy summer and we look forward to welcoming everybody onboard and creating fantastic memories with Jet2."
Government Relaxes Sanctions on Russian Oil
The update coincided with the Government relaxing sanctions on Russian crude oil, permitting the import of jet fuel and diesel refined in third countries amid surging costs. A trade licence, effective from Wednesday, allows these imports indefinitely. This sanctions carve-out will be periodically reviewed as fuel prices rise due to the Middle East conflict and the effective closure of the Strait of Hormuz.
Previously, the Government had announced the UK would block Russian oil refined in other countries to "further restrict the flow of funds to the Kremlin."
Ryanair's Perspective on Fuel Supply
Earlier this week, Ryanair boss Michael O'Leary noted that European airlines are sourcing jet fuel from alternative countries to overcome the supply shock. He said: "The conflict in the Middle East has created economic uncertainty and we still don’t know when the Strait of Hormuz will reopen. Despite this, Europe remains relatively well supplied with jet-fuel, with significant volumes sourced from west Africa, the Americas and Norway."
