Flight prices rise due to ‘foolish leaders’ starting wars: Branson
Agencies Virgin Group founder Sir Richard Branson has blamed flight price rises on “foolish leaders” starting wars, in a thinly veiled reference to the US-Israel conflict with Iran...
Virgin Group founder Sir Richard Branson has criticized "foolish leaders" starting wars, specifically referencing the US-Israel conflict with Iran, as the cause of flight price increases. Middle East tensions have disrupted the production and transportation of vast amounts of oil, leading to a surge in the price of car and jet fuels.
In May, Virgin Atlantic introduced a fuel surcharge to offset rising ticket prices, as US President Donald Trump defended the war as crucial for long-term peace and security. Branson maintains that the Iran conflict was unnecessary, as a nuclear agreement between Iran and the world was previously in place and working. This war has resulted in higher oil prices globally, contributing to inflation.
The European benchmark jet fuel price rose from around $800 (£590) per tonne to over $1,800 per tonne in April, before dropping to $1,450. Virgin Atlantic's CEO, Corneel Koster, stated that the current fuel prices warranted surcharges, while acknowledging the bleak outlook for the Middle East situation. Several competitors raised fares alongside adding surcharges, with Ryanair announcing a reduced winter schedule due to higher fuel prices.
Despite the increased costs, Koster stated that Virgin does not plan to make significant changes to its winter schedule.
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