IATA: Currency effects mean jet fuel prices increase is unevenly distributed

IATA reported (18-Nov-2016) the increase in jet fuel prices has been unevenly felt between countries in 2016;

• Jet fuel prices reached a 13-year low in Jan-2016, dropping under USD35 per barrel;
• Since Jan-2016, oil prices have risen around 48% in US dollar terms, although they remain volatile;
• As was the case during the last period of falling oil prices, shifts in the value of currencies against the dollar over the course 2016 mean that the pick-up in US dollar-priced jet fuel has not been felt evenly;
  Recoveries in the value of the Russian rouble, Brazilian real, and the South African rand against the US dollar have partially shielded airlines in these countries from the increase in US dollar-priced jet fuel, pushing prices up 26%-28% overall;
• Euro and the Chinese renminbi have eased modestly against the dollar during 2016, leaving jet fuel some 49-53% higher. The Mexican peso has been amongst the hardest hit of currencies, sending jet fuel prices in Mexican peso terms up 73% compared to early-2016. [more - original PR]