Jet fuel is a kerosene-type middle distillate refined from crude oil, chemically similar to heating oil and diesel but refined to tighter specifications for freeze point, flash point, and combustion performance required for aviation use. It typically represents 25-33% of airline operating costs, making its price one of the most closely watched inputs in commercial aviation economics.
What Sets the Jet Fuel Price
Jet fuel price tracks crude feedstock costs closely, since it’s a direct refining output competing with diesel and heating oil for the same barrel. When crude oil firms on supply disruption or geopolitical risk, the whole distillate complex, including jet fuel, typically follows. The industry benchmark for tracking this is the jet fuel crack spread: the premium jet fuel commands over Dated Brent, which reflects how tightly refining capacity is being allocated toward aviation-grade distillate versus other products.
Aviation demand is the key structural driver layered on top of the crude correlation. Global passenger numbers have been tracking above pre-pandemic levels, and according to the IEA Oil Market Report, jet fuel demand growth is expected to continue as the Asia-Pacific aviation market expands, adding structural demand pressure that tends to limit downside even during periods of crude weakness.
Refinery configuration matters directly: when jet fuel crack spreads widen, refiners have an incentive to maximise kerosene-type distillate yield from each barrel processed, which can support jet fuel supply even as it competes with heating oil and diesel for the same processing streams. Sustainable Aviation Fuel (SAF) remains a marginal alternative, comprising under 1% of global jet fuel consumption and trading at a substantial premium to conventional jet fuel, making it commercially unattractive at scale without regulatory mandates or subsidies.
Jet Fuel Storage Economics
Aviation fuel, jet-A and jet-A1 kerosene, is stored in above-ground storage tanks at airports, refineries, and dedicated aviation fuel terminals. Unlike crude oil storage, which is highly sensitive to futures market contango and backwardation, jet fuel storage demand is primarily driven by operational requirements: airports and airlines maintain strategic reserves sufficient for 10-30 days of consumption to protect against supply disruptions.
When jet fuel crack spreads widen, the commercial value of strategically located aviation fuel storage capacity increases. Tank terminal operators with kerosene-capable storage near major airports and aviation hubs see renewed demand for capacity whenever airlines look to secure physical supply and build precautionary inventory against further disruption. The oil storage terminal sector’s throughput fees and short-term lease rates on jet fuel-capable tanks tend to firm alongside these periods.
For refinery-connected terminal operators, a sustained high jet fuel price relative to other distillates creates incentive to maximise kerosene yield from each barrel of crude processed. Major refineries configured toward middle distillate output are best positioned to capture this when crack spreads are elevated.
Checking the Current Jet Fuel Price
Jet fuel is tracked globally through the demand-weighted IATA Jet Fuel Price Monitor, powered by S&P Global Platts, which also publishes regional breakdowns across North America, Europe & CIS, Asia & Oceania, the Middle East, Latin America, and Africa. Regional US spot benchmarks, including Gulf Coast spot, the Argus US Jet Fuel Index, Los Angeles spot, and SAF pricing, are tracked separately by the EIA. Given how closely jet fuel tracks the crude complex and how much crack spreads can move week to week, check these sources directly for current pricing rather than relying on a fixed figure here. For OGSN’s own live-tracked distillate benchmark, see the heating oil price page, updated monthly against confirmed benchmark data.
Jet Fuel Price Outlook
Structurally, jet fuel will keep tracking crude oil direction given the tight refining correlation between the two markets, with crack spreads widening or narrowing based on how tightly refining capacity is allocated toward aviation-grade distillate. Sustained aviation demand growth, with global passenger numbers above pre-pandemic levels, tends to limit the downside for jet fuel even during periods of crude weakness. For aviation fuel terminal operators, storage economics track crack spread levels closely: wider spreads typically bring renewed demand for kerosene-capable tank capacity as airlines and fuel suppliers look to secure physical supply.
What is the current jet fuel price?
The jet fuel price fluctuates daily based on crude oil costs, refinery crack spreads, and regional supply conditions. The IATA Jet Fuel Price Monitor — powered by S&P Global Platts — publishes weekly global average jet fuel prices. This page is updated monthly with the latest available benchmark data. For current jet fuel prices, refer to the IATA Fuel Monitor at iata.org directly.
What is driving jet fuel prices?
Jet fuel prices are driven by crude oil feedstock costs, refinery distillate crack spreads, aviation demand levels, and geopolitical events affecting refinery output and crude supply routes. The jet crack spread — the refining margin between crude and jet fuel — is particularly important: when crude supply disruptions simultaneously reduce refinery throughput, both the feedstock cost and the crack spread can spike together, as occurred in 2026.
Why is jet fuel more expensive than diesel?
Jet fuel (kerosene-type Jet-A) and diesel are both middle distillates refined from crude oil, but jet fuel requires tighter specification controls for freeze point, flash point, and thermal stability to meet aviation safety standards. These additional refining requirements and the smaller production volumes relative to diesel typically result in a modest jet fuel premium to diesel at the wholesale level. In 2026, the jet crack spread spiked far above the diesel crack spread as Middle East refinery supply disruptions particularly affected kerosene output.
How does the jet fuel price affect aviation fuel terminal storage?
High jet fuel prices with elevated crack spreads increase the commercial value of strategically located aviation fuel storage capacity near major airports. Airlines and fuel suppliers build precautionary reserves during supply disruption periods, driving demand for kerosene-capable tank storage at airports and distribution terminals. Terminal operators benefit through higher throughput fees and elevated short-term lease rates during supply-constrained markets.
What is the jet fuel price in different currencies?
Jet fuel is priced in US dollars globally at the wholesale level. Airlines and fuel operators in Europe, the Middle East, and Asia convert to local currencies for procurement and hedging. This page includes a currency conversion table covering EUR, GBP, JPY, AED, CNY, and INR, updated monthly from mid-market exchange rates.
What is the jet fuel price per litre and metric tonne?
Jet fuel is most commonly quoted per US gallon in North America and per metric tonne for international bulk supply contracts. At the current Gulf Coast spot price of $3.57/gallon, one metric tonne equates to approximately $1,196. This page includes a full unit conversion table covering gallon, litre, barrel, metric tonne, and Imperial gallon.
How current is the price data on this page?
Price data on this page is updated monthly. IATA global average figures are sourced from the IATA Jet Fuel Price Monitor powered by S&P Global Platts. US spot prices are sourced from the EIA. For the latest weekly IATA data, refer directly to iata.org.