RIO DE JANEIRO — Iata Director General Willie Walsh announced he will step down from his position, which he has held since 2020. Walsh made the announcement during the association's annual general meeting currently taking place in Rio de Janeiro.
He will become the chief executive of Indigo, an Indian budget airline. The summit was held online during the coronavirus pandemic in previous years. Meanwhile, Indigo canceled its direct route between New Delhi and Manchester, citing high fuel costs.
Jet fuel prices currently exceed $140 per barrel. In 2025, jet fuel accounted for slightly more than 25 percent of global airline operating costs. Each $1 increase per barrel of jet fuel adds approximately $3 billion to the annual global airline fuel costs.
Many major carriers hedge the majority of their fuel purchases. EasyJet suspended fuel hedging due to market price volatility. Approximately 6 percent of available airline seats worldwide were removed from schedules over the past month. Oil tankers have been delayed near the Strait of Hormuz.
European Union transport commissioner Apostolos Tzitzikostas stated, "There is currently no jet fuel shortage in Europe. We have no signs that we will have a shortage in the coming period." In late February, airline operations in the Middle East were grounded following a regional conflict outbreak. During this conflict, drones targeted Middle Eastern hub airports.
Walsh stated that governments are imposing sustainable aviation fuel mandates while production levels remain insufficient. The chief executive of Emirates is not attending the summit.