EasyJet boss says 'don't panic' over summer jet fuel supplies

An important development from the financial markets: EasyJet boss says 'don't panic' over summer jet fuel supplies7 minutes ago Share Save Add as preferred on GoogleNick EdserBusiness reporterReutersThe boss of EasyJet has said holidaymakers should not panic over whether flights will be affected by jet fuel supplies this summer. Kenton Jarvis told the the airline had seen no issues with fuel supplies and that travellers could book with confidence. The Iran war has led to the effective blockade of the key Strait of Hormuz waterway, normally a key route for Europe's jet fuel, and this has led to near doubling in fuel prices.

While EasyJet said its supplies were not affected, it added that customers were booking flights later because of the uncertainty caused by the conflict in the Middle East. On Wednesday, it emerged that plans to impose a ban on UK imports of diesel and jet fuel made from Russian oil in third countries have been watered down amid concerns over supplies and price rises. However, Jarvis told the 's Today programme: "We've seen absolutely no issues with fuel supply in any of our airports in the UK across Europe or indeed beyond.

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"He added the carrier stayed in close contact with its fuel suppliers, airports and governments and "they're equally raising no issues looking forward". "I would absolutely say don't panic about it, at EasyJet we fully intend to fly the summer schedule that we have on sale," he said, adding that the airline would not be adding fuel surcharges to fares. Jarvis said fuel production had increased in Norway, West Africa and the Americas, while "refining capacity for jet fuel has also increased substantially outside of the Gulf region".

One change EasyJet had seen was a "shortened booking window", with demand strong for flights departing the same month, Jarvis said. "As you look further out people are more cautious, people are waiting and watching, but they are booking… and I expect that strong late booking market to run through the summer. "His comments came as EasyJet reported a pre-tax loss of £552m for the six months to March.

Airlines typically make losses over the winter then look to make profits during the peak summer holiday season. The carrier reiterated that its financial performance during the second half of the year would be affected by higher fuel costs and uncertainty over customer demand. Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said EasyJet was "one of the more sensitive European airlines to fuel price fluctuations".

"The recent spike in fuel prices looks set to take a big toll on profitability," he said. "Even if the Middle East conflict is resolved in the near term, fuel prices are likely to remain elevated for some time.

Financial markets are tracking the development closely as investors assess the likely impact.