UrBC, Moscow, August 16, 2018. The price of jet fuel might increase by around 30% by the end of 2018 against one year previously, TASS refers to Russia’s Transport Minister Evgeny Ditrikh as stating.

According to the Transport Ministry, airlines’ losses incurred through soaring jet fuel prices will amount to RUR 50bn by the end of the year, which is why the ministry suggested that the Russian Government and the Finance Ministry might partially compensate the air carriers for their extra expenses. The amounts proposed might come to RUR 22.5bn from the budget funds.

‘We expect the overall increase in jet fuel prices to reach as much as 30% by the end of 2018, which might, in its turn, lead to a painful rise in plane ticket prices. We therefore propose considering one-time subsidies that airlines can receive in compensation of their jet fuel spending. The airlines are expected RUR 50bn more than planned, so the figure suggested to the Russian Government and the Finance Ministry is now RUR 22.5bn. The proposal is currently under consideration, with hearings taking place last week,’ TASS quotes the Transport Minister as stating.