Asia Air Cargo Squeezed as Jet Fuel Hits $1,730/t; Philippines CAB Sets Level 13

Summary

Regional air cargo faces a severe fuel-cost shock: global jet fuel spot prices reached about $1,730 per tonne, up 105%–140% year over year, prompting the Philippines Civil Aeronautics Board to set passenger and cargo fuel surcharges at Level 13 for early September — cargo at PHP 2.17–6.36/kg domestic and up to PHP 53.39/kg international. Between March and June 2026, international carriers cancelled over 150,000 scheduled flights to avoid flying near-empty under ruinous fuel costs, tightening intra-Asia capacity.