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Protests Erupt in Syria Over Fuel Price Hikes
Confirmed
In Short: Protests have broken out across Syria following a 40 percent increase in diesel prices and a 28 percent rise in petrol, prompting demonstrations in several cities.
Protests have broken out across Syria following a 40 percent increase in diesel prices and a 28 percent rise in petrol, according to reports. The government cited a sharp rise in global fuel costs and an overhaul of the Baniyas refinery as reasons for the price hikes. Demonstrators have blocked highways and burned tyres in cities like Hama, Khan Sheikhoun, and Maarat al-Numan.
The price increases have also sparked fierce debate on social media and raised concerns about the impact on Syria's economic recovery. Fuel supplies are crucial for the country's rebuilding efforts after 14 years of war. The global average jet fuel price has risen 9% to $171.01 per barrel, adding to cost pressures for airlines.
Avelo Airlines CEO Andrew Levy told Fox Business that higher fuel prices have climbed back to 'uncomfortably high' levels, potentially leading to increased costs for travelers. Despite the challenges, demand at Avelo has remained resilient, serving a customer base of personal travelers who are particularly sensitive to airfare increases.
Ryanair CEO Michael O'Leary warned that airfares could rise 'significantly' if oil prices remain elevated. The situation highlights the ongoing impact of global fuel prices on the airline industry and the broader economy, with Syria's fuel crisis adding to regional tensions.
What's confirmed
- Protests have broken out across Syria following a 40 percent increase in diesel prices and a 28 percent rise in petrol, according to reports. The government cited a sharp rise in global fuel costs and an overhaul of the Baniyas refinery as reasons for the price hikes. Demonstrators have blocked highways and burned tyres in cities like Hama, Khan Sheikhoun, and Maarat al-Numan.
- The price increases have also sparked fierce debate on social media and raised concerns about the impact on Syria's economic recovery. Fuel supplies are crucial for the country's rebuilding efforts after 14 years of war. The global average jet fuel price has risen 9% to $171.01 per barrel, adding to cost pressures for airlines.
- Avelo Airlines CEO Andrew Levy told Fox Business that higher fuel prices have climbed back to 'uncomfortably high' levels, potentially leading to increased costs for travelers. Despite the challenges, demand at Avelo has remained resilient, serving a customer base of personal travelers who are particularly sensitive to airfare increases.
- Ryanair CEO Michael O'Leary warned that airfares could rise 'significantly' if oil prices remain elevated. The situation highlights the ongoing impact of global fuel prices on the airline industry and the broader economy, with Syria's fuel crisis adding to regional tensions.
What's still developing
- The Ministry of Energy said it would continue to review prices as global market conditions change and would work over the long term to expand refining and storage capacity, according to the state-run Syrian Arab News Agency (SANA).
- In an interview with FOX Business, Levy said higher fuel prices tied to the Iran conflict are "the latest issue" confronting the airline industry, with costs climbing sharply in recent weeks.
- Avelo Airlines founder and CEO Andrew Levy told FOX Business that surging fuel prices have climbed back to "uncomfortably high" levels. (FOX Business) Levy, who previously co-founded Allegiant Air and later served as chief financial officer of United Airlines, said Avelo will ultimately have to pass at least some of those higher costs on to customers.
- Houston-based Avelo, which launched in April 2021, primarily serves what Levy described as the "personal traveler," those paying for their own trips to visit friends and family, take vacations or attend special events, a customer base he said is especially sensitive to airfare increases.