Jet-fuel prices can diverge substantially between regions, and supply disruptions can widen the gap quickly. In the 2026 energy shock, IATA reported that Singapore’s jet-fuel price exceeded $230 per barrel, while its global quarterly average was $158.0 per barrel in Q2. Those figures describe different measures and periods: they show how sharp regional pressure became, not a permanent ranking or a precise airport-to-airport price spread.
What the available price figures show
Recent IATA figures illustrate both broad price movements and regional stress during the 2026 disruption. They are not all directly comparable: some are quarterly averages, some are a monthly peak or regional observation, and the weekly monitor is a weighted benchmark.
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| Measure | Reported figure | What it means |
|---|---|---|
| Global quarterly average | $124.7 per barrel in Q1 2026; $158.0 per barrel in Q2 2026, a 27% increase | IATA’s reported global averages for those quarters, reflecting the broad rise during the disruption. |
| Global monthly peak | $188.4 per barrel in April 2026 | An IATA-reported peak, not the average price for the whole quarter. |
| Singapore | Above $230 per barrel during the 2026 disruption | An example of severe regional pressure, not evidence that Singapore is always the most expensive market. |
| Weekly global monitor | $187.34 per barrel, up 1.0% week over week; accessed October 8, 2026 | IATA’s volatile refinery-price benchmark for the reported week, not a quote for fuel delivered at a particular airport. |
| 2026 forecast | $152 per barrel annual average and a $57-per-barrel average crack spread | IATA’s June 2026 forecast, not the realized full-year average. The forecast compared with $90 per barrel in 2025. |
The quarterly averages, April peak, Singapore observation and October weekly monitor come from IATA’s 2026 reporting and Jet Fuel Price Monitor. They describe different points in a volatile market, so they should not be treated as a single same-day comparison. In particular, Singapore’s figure above $230 per barrel is a crisis-period example rather than a lasting regional league table.
Why can prices differ between regions?
Jet fuel is a refined product, not crude oil
Crude oil is a major input, but it does not determine the final jet-fuel price by itself. Refinery capacity, throughput and the ability to produce more jet fuel affect the supply of the finished product. In its 2026 reporting, IATA described a combined crude-supply and refinery shock: pressure on crude and limited refined-product supply reinforced each other.
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The crack spread can amplify a crude-price rise
The crack spread is the premium of jet fuel over crude oil. When jet fuel becomes scarce relative to crude, that premium can widen, so a crude benchmark alone may understate the pressure on airlines. IATA reported a record jet-fuel crack spread of $80 per barrel in April 2026. That was a crisis-period figure, not a normal or permanent margin.
Supply routes create different regional exposure
Regions depend on different sources of crude and refined fuel, and they are affected differently when shipping routes are disrupted. IATA said Asia-Pacific’s reliance on Gulf crude could put refineries there under more acute pressure when those supplies are interrupted, contributing to higher prices or shortages. In June 2026, IATA said the Strait of Hormuz normally accounted for approximately 470,000 barrels of jet fuel per day, about 23% of global jet-fuel exports. Those figures explain why disruption to a major route can have effects well beyond the countries bordering it.
Refinery output, shipping and inventories affect local availability
A market can face scarcity even if it is not itself a crude importer. Disrupted shipping, constrained refinery throughput and limited inventories can reduce the fuel available to buyers in a region. During the 2026 shock, IATA described sharp regional dislocations and competition for limited supply. The result can be a widening regional premium or a shortage, rather than a uniform increase everywhere.
Airport charges and supply arrangements change the delivered cost
A refinery-price benchmark is not the same as the amount an airline pays to have fuel available at an airport. Local taxes and fees, competition among fuel suppliers, storage capacity, supply reliability and into-plane services—the handling that moves fuel into an aircraft—can all affect airport-level cost and availability. IATA notes that shortages at an airport can force airlines to tanker fuel from another destination, adding operational complexity and potentially carrying extra fuel weight.
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IATA’s Jet Fuel Price Monitor uses Platts assessments of average refinery prices paid for aviation jet fuel for the reported week. The Platts Jet Fuel Price Index draws on daily spot assessments from relevant regional centers. If an assessment is unavailable on a given day, the previous working day’s assessment is used. Regional baskets are weighted primarily by jet-fuel demand, and those regional indices are weighted to produce a global composite.
This method is useful for tracking broad market direction, but a global composite smooths over local differences. It is not an arithmetic average of every airport’s delivered bill, nor does it show the specific taxes, fees or service costs an airline faces at a particular location.
How to compare two quoted jet-fuel prices fairly
Before treating two figures as evidence that one place is more expensive, check whether they describe the same thing. A meaningful comparison needs the same time period and a clear price basis.
- Date and period: establish whether each figure is a daily spot assessment, weekly reading, monthly peak or quarterly average.
- Location: distinguish a regional index from a named airport or supply center.
- Unit and currency: check that both prices use the same currency and unit, such as dollars per barrel.
- Price basis: identify whether the number is a spot assessment, refinery price or delivered airport price.
- Included costs: determine whether taxes, fees and into-plane services are included.
IATA says its monitor does not provide historical price data. Its weekly global figure is therefore a snapshot; a consistent historical or airport-by-airport comparison requires comparable observations for the relevant places and dates. The available IATA figures establish that regional differences can be material, but they do not establish a complete same-date global maximum-to-minimum spread in delivered airport prices.
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What does this mean for airfares?
Fuel is a significant airline operating cost, so sustained increases can add financial pressure. IATA Director General Willie Walsh said the rise in jet-fuel prices was responsible for lifting jet fuel’s share of total operating expenses to 31.4% in 2026, from 25.4% in 2025. These are IATA’s stated industry-wide figures for those years; they are not the fuel-cost share for every airline or route.
A higher fuel benchmark does not translate mechanically or immediately into the same percentage increase in a ticket price. Airlines have different fuel costs, purchasing arrangements and routes, and a benchmark does not show how an individual carrier will respond. The price data explain a source of cost pressure, not a guaranteed airfare change.
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