Jet fuel and marine gas oil prices have surged dramatically, triggering a wave of fare increases and strategic reassessments across Greece’s aviation and ferry sectors. Just three weeks into the ongoing regional conflict, airlines and shipping companies are already adjusting operations and pricing models to cope with soaring operational costs—driven by sharp jumps in global oil prices and their cascading effects.
Ferries Feel the Squeeze
Since mid-March 2026, international prices for marine gas oil (MGO) and gasoil have skyrocketed. At Piraeus port—the largest passenger ferry hub in Greece—prices exceeded $1,100 per metric ton last week. That’s up from under $700/ton at the start of the year—a rise of over 80% in just a few weeks. In some cases, prices have now surpassed $1,500/ton: more than double early-2026 levels.
This spike is hitting ferry operators hard during a critical period: the tourist season has barely begun, demand remains low, and revenues are still limited. With no near-term resolution in sight for the conflict—and thus no clear path toward oil price stabilization—the sector faces mounting pressure.
To prevent steep fare hikes that could deter travelers, the Greek government is holding urgent talks with ferry industry stakeholders. Measures are expected soon, potentially introduced in phases depending on how fuel markets evolve. Prime Minister Kyriakos Mitsotakis, alongside Finance Minister Kostis Hatzidakis and Economy Minister George Georgantas, discussed coordinated solutions at the recent EU summit in Brussels. Meanwhile, Maritime Minister Vassilis Kikilias confirmed in an interview with OPEN that the Ministry of National Economy and Finance and the Prime Minister’s Office are working closely with the sector to finalize support mechanisms.
Airline Fuel Costs Soar
Jet fuel prices have followed a similarly alarming trajectory—reaching nearly double what they were a month ago. According to IATA data, the global average jet fuel price crossed $175 per barrel this week, up from under $94 in mid-February. In Europe, the increase is even steeper: prices now hover around $192 per barrel.
Airlines are caught in the crossfire—not only from rising fuel costs but also from flight cancellations and route suspensions, especially across Gulf region destinations following the escalation of hostilities. The combination of higher operating expenses and reduced capacity is straining margins across the board.
As a result, many consumers are rushing to book flights and ferry tickets before further price adjustments take effect.