TORONTO — Italy’s Transport Minister Matteo Salvini says the country’s jet fuel reserves should last “at least until the end of May.”

According to Reuters, Salvini called on the EU to ease budget restrictions so governments can free up funds to deal with the crisis.

“The jet fuel reserves available in Italy are sufficient to ensure operations at least until the end of May,” said Salvini. “We are monitoring the fuel supply chain at both national and European level to ensure that the system continues to operate without disruption, at least throughout the summer.”

With tensions in the Strait of Hormuz still impacting the flow of oil shipments, the world’s airlines are implementing fuel surcharges, raising airfares and cutting capacity, while many in the industry warn of jet fuel supply shortages and possibly airline bankruptcies.

A report in CNBC outlines the potential for jet fuel bidding wars, while some predict 10-20% capacity cuts for European airlines. Last week Lufthansa Group announced it was cutting approximately 20,000 short-haul services from its summer schedule as part of a broader effort to manage rising fuel costs and streamline its European network.

In IATA’s latest update, including March 2026 stats, Director General, Willie Walsh, said: “Everybody’s watching what’s happening with jet fuel – both supply and pricing. On the supply side, over the next months we could see shortages in parts of the world with high dependence on supplies from the Gulf, especially Asia and Europe. And the extraordinarily high cost of jet fuel is increasingly being reflected in ticket prices. 

Walsh added: “While this has not impacted March traffic or forward bookings to date, it remains to be seen at what point high prices could start to shift passenger behaviour. So far, the summer is shaping up to be a normally busy time for travel. That’s positive news, but airline resilience is being tested and stabilizing the supply and price of fuel is crucial. In the meantime, it’s important for regulators to be prepared to grant airlines some flexibility on slots considering the extraordinary circumstances of airspace capacity restrictions and potential fuel rationing.”