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The price of oil has surged to its highest level since 2008 after Russia's invasion of Ukraine, adding to airline costs at a time when carriers have been struggling to recover from a pandemic-related dip in demand.

Some airlines have oil hedges that will help offset portions of the price increase, while Malaysia's AirAsia on Saturday introduced fuel surcharges on tickets for the first time since 2015.

Other carriers are fully unhedged, including European budget airline Wizz Air and US majors United Airlines , American Airlines and Delta Air Lines, though the latter owns an oil refinery.

The oil price increase comes as many carriers are forced to fly longer routings to avoid Russian and Ukrainian airspace.

Air France KLM

The airline has hedged 72% of oil consumption for the first quarter and 63% for the second quarter at $90 a barrel, with smaller amounts hedged in the second half, it said in a results presentation on Feb. 17.

Air New Zealand

The airline has hedged 1.34 million barrels of oil in the current half ending June 30 and 707,500 barrels in the following half year period, it said in a results presentation on Feb. 24. It had unrealised gains from the hedges of around $31 million as of that date.

Cathay Pacific Airways

The Hong Kong airline had hedged more than 60% of its expected first-quarter consumption and about half of its second-quarter consumption by the time of its interim results last August, as well as lower amounts in future quarters through 2023.

Cathay will release its full-year results on Wednesday.

easyJet

The European airline 60% hedged for fuel in the financial year ending on Sept. 30 at around $504 per metric tonne, it said on Jan. 27.

IAG

The British Airways owner is hedged against volatile crude prices for two years, with the first year around 60% hedged, Chief Executive Luis Gallego said on Feb. 25.

Lufthansa

The German airline is 63% hedged in 2022 at a break-even price of $74 a barrel, it said in a results presentation on March 3.

Qantas Airways

The Australian airline has more than 90% of its fuel hedged in the current half, ending June 30, it said in a results presentation on Feb. 24. It also has hedges in place for the following half-year period but did not provide details. Ryanair.

The budget carrier is 80% hedged on fuel out to 2023, but rising prices will still cost the airline group around 50 million euros ($54.22 million) over the next 12 months, Chief Executive Michael O'Leary said on March 2, adding Ryanair would not introduce fuel charges for the summer.

Singapore Airlines

The airline hedged 30% of its oil needs at an average Brent price of $57 a barrel for the six months ending March 31, it said in a results presentation in November. It had also hedged 40% of its needs at an average price of $60 for the following five quarters. It said on Monday it had no updates from guidance in November.

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