(Reuters.) – The oil price has risen to its highest point in 2008 following Russia’s invasion Ukraine. It is adding fuel costs to airline companies at a time that airlines are struggling to recover after a collapse of demand due to a pandemic.

Although oil prices had been high before the crisis in Ukraine, they have risen by over 85% to $1,649 per tonne.

Malaysia’s AirAsia has introduced fuel surcharges for tickets, the first such increase since 2015. ANA Holdings and Emirates have recently raised fuel surcharges and Chinese airlines raised fuel surcharges.

While some airlines may have oil hedges to help offset the increase in prices, others are completely unhedged. These include the U.S. carriers United Airlines and American Airlines (NASDAQ,:) as well as Delta Air Lines (NYSE,:), although the former does not own an oil refinery.

The need for longer flights to avoid Russian or Ukrainian airspace is also a problem that many carriers face.

Air France KLM (OTC :

It announced that 72% and 63% of the airline’s oil consumption was hedged at $90 per barrel for the first quarter, respectively, while smaller amounts were hedged for the second half.

Air New Zealand

It said that it had hedged 1.34million barrels of crude oil during the six-month period to June 30, and 7.075,000 barrels over the half-year, in its results presentation, on February 24. It raised its international fares about 5% in February, citing increasing oil prices and inflation.

Cathay Pacific Airways (OTC)

It announced Wednesday that the Hong Kong Airlines had hedged all of its first quarter consumption as well as about half its second quarter consumption. Through the end of 2023, it also hedged lesser amounts.

easyJet (LON)

It stated that 60% of the fuel for European airlines was hedged at $504 per metric ton.

IAG (LON 🙂

Luis Gallego stated on February 25 that British Airways’ owner has been protected from volatile crude oil prices for the past two years. The total of 2022 has seen it cover 60%.

The company will pay $690 per ton in fuel prices if it has hedging 70%.

The second quarter’s price will rise to $750, after the price of $650 of foreign currency and fuel was hedged. It would be $775 for the third quarter when 56% of the fuel and foreign trade had been hedged. $795 for the last quarter where it hedged just half the fuel and foreign change.

Lufthansa

It stated that 63% of the German airline’s 2022 hedge is at $74 per barrel.

Qantas Airways

For the six-months to June 30, more than 90% of the fuel has been covered by the Australian airline, Chief Executive Alan Joyce stated Tuesday. The company also had 50% fuel coverage for the quarter ahead.

Ryanair

Although the budget airline is at 80% on fuel, the group will be hit with rising costs of about 50million euros ($54.2 million), Chief Executive Michael O’Leary stated March 2, and said that Ryanair would not implement fuel surcharges for the summer.

Singapore Airlines (OTC)

In November’s results presentation, the airline stated that it had hedged 30% its oil requirements at an average price $57 per barrel during the six-month period to March 31. For the five subsequent quarters, it had hedged 40% of its oil needs at an average price $60. On Monday, it stated that no update was available from November’s guidance.

Wizz Air

On Monday, the European budget airline said that it had covered fuel costs for four months using zero-cost hedges.

It has met half of its March needs at $1,172 per tonne. The price limit for June was $1,172/tonne. For the quarter ending in June, 40% of its requirements were covered by $1,142/tonne. The financial year of the company ends March 31, 2023.

($1 = 0.9223 euros)