Singapore jet fuel held 3% lower on the quarter, near a two-year low and well below its recent peak. As the single largest variable cost in flying, roughly a third of a carrier’s expenses, the move is already feeding through to softer fares on price-competitive routes.
The relief is real but conditional: fuel is the most volatile line in the model, and a single supply shock can erase a quarter of easing in a week. For now, the direction supports the fare declines visible on Tokyo and elsewhere.
The Price of the Trip carries the fuel index alongside fares so the reader can see the cause next to the effect.