The rising cost of fuel continues to ¡®hurt¡¯ tourism, according to the International Air Transport Association chief executive Tony Tyler, who stressed oil now accounts for up to 34 percent of average operating costs.
The aviation Group¡¯s head explained the small 4.4 percent growth in passenger capacity during March this year compared to last year could be pinned to ¡®stubborn¡¯ fuel costs which shot up to $147/barrel in July last year.
Although having since fallen back to $50/barrel in November, Mr Tyler said the industry had never before ¡°sustained [such] high oil prices¡±.
¡°Jet fuel prices have risen 8% since January,¡± he said.
¡°Considering that fuel now accounts for 34% of average operating costs, it¡¯s an increase that hurts.¡±
Tuesday, May 08, 2012
Fuel hurts tourism growth: IATA
Source = e-Travel Blackboard: N.J