The International air transport association (IATA) reported jet fuel price at $1.88 per gallon and $623 per metric ton as of March 2, 2018, up 21.9 percent from 2017. IATA is among those who predicted higher jet fuel bills for airlines around the globe in 2018, as strong travel demand as well as oil prices 2continue to grow.

According to data released by the industry association, as of March 2, 2018, Europe and the Commonwealth of Independent States (CIS) saw 24.5 percent rise in jet fuel price from a year earlier, meanwhile, North America saw 21.1 percent rise in jet fuel expenses compared to a year earlier.

IATA states the jet fuel price average for 2018 being at $81.6 per gallon. The impact on 2018 fuel bill of the global airline industry amounts to $34.8 billion, according to the association.

Jet fuel prices ended down 4.2 percent at $79.1 per gallon as of March 2, 2018. To compare, jet fuel price was $76.5 per barrel on November 17, 2017, which is 35 percent higher than a year earlier. On January 26, 2018, jet fuel price was $85.5 per barrel, 30 percent higher than a year earlier, reports.

All in all, 2018 jet fuel prices have started more than 20 percent more expensive than they were a year ago across a broad spectrum of global markets Airline fuel bills for this year are expected to be 20.5 percent of airline operating costs, up from 18.8 percent in 2017, OPIS by IHS Markit reports.