No cuts to Turkish Airlines’ schedule, says chairman

• Jet fuel supplies continue to flow
• But price rises are hitting bottom line
• Airline’s shares up 23% this year

Turkish Airlines’ schedule will not be disrupted by a lack of jet fuel, its chairman has said, although surging costs will affect its balance sheet.

Dr Murat Seker told the state-run Anadolu News Agency that the Turkish oil company Tupraş and Azerbaijan’s Socar have refineries capable of producing jet fuel.

“Due to our geographical location, we also have the possibility of obtaining fuel from the north, from Iraq, from North Africa and even from Africa via sea,” he said.

However, Seker added that the airline had been purchasing jet fuel at market prices and, like other global airlines, has been affected by price hikes.

Jet fuel prices are currently about $1,200-$1,300 per tonne, but have reached $2,000 since the start of the Iran war, he said.

Seker said Turkish Airlines had 420 planes on order. These include its first ultra-long-range aircraft, which are due to be delivered from the end of 2027.

“We will have the opportunity to fly directly to some destinations in Australia and South America.”

The airline expects to close 2026 with “minimal losses”, he said, but a rebound is expected in 2027.

Last month he said the airline was pushing back the restart of flights to the Gulf by a “few more weeks” but intends to return to pre-conflict levels in October.

Turkish Airlines’ shares, which trade on Borsa Istanbul, were trading at 297 lira on Monday at 02:20 GMT, up nearly 23 percent so far this year.

The International Air Transport Association (IATA) has said all airlines are suffering from the rapid rises in jet fuel prices.

Fuel costs are expected to rise by nearly 40 percent from $252 billion in 2025 to $350 billion in 2026, according to IATA. This is based on an expected average price of crude oil at $95 per barrel, up 37 percent from $69 in 2025.

Jet fuel prices are expected to average $152 per barrel for the year, up almost 70 percent on $90 in 2025, IATA said.

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