Flight Prices · 7 min read · Updated 23 April 2026

Why your summer 2026 flight could cost more — and what to do about it now

UK airlines are shielded from today's high fuel prices — for now. Our interactive tracker shows when that protection runs out airline by airline, and what it means for when you should book.

Short on time? Let us summarise this article for you.

Most UK airlines locked in cheaper fuel prices in 2023 and 2024 through a process called fuel hedging — buying contracts in advance to shield themselves from market price rises. That protection is now beginning to run out. As each airline's hedged fuel gets used up and they have to buy at today's higher prices, fares will likely follow. Some carriers — notably easyJet and Wizz Air — face a significant drop in coverage from summer 2026 onwards, while Ryanair is unusually well-hedged for 2027 having locked in 80% of its FY27 needs at ~$67/barrel before the Iran conflict drove spot prices to record levels. The interactive tracker below uses publicly disclosed figures from airline investor reports and trading updates to show exactly where your airline stands. Select your carrier and travel date to see how well protected that quarter is — and get a clear booking recommendation based on the data.

The airline fuel hedge tracker

Right now, most UK airlines are spending less on fuel than you might expect. Not because prices have dropped — they haven't. Jet fuel costs more in 2026 than at almost any point in recent history. The reason airlines aren't feeling it yet is something called fuel hedging: buying contracts months or even years in advance to lock in a fixed price for future fuel.

Most major UK carriers did exactly this in 2023 and 2024, when fuel was cheaper. The problem is those contracts are running out. As each airline's hedged fuel gets used up and they have to buy at today's prices, fares will rise. Some airlines are exposed as early as late 2026. Others may hold through most of 2027 before the impact hits.

Select your airline and travel date below to see exactly where they stand.

The tool above uses publicly disclosed figures from airline investor reports. Select your carrier and travel date to see how much of their fuel for that quarter is pre-purchased at locked-in prices — and what that means for whether to book now or later.

Hedging coverage data is drawn from airline investor relations materials and trading updates published through April 2026. Figures reflect management guidance at time of reporting and may be updated. Always check current fare prices before making booking decisions.

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What is fuel hedging, and why does it matter right now?

Airlines are one of the world's most fuel-intensive businesses. Jet fuel typically accounts for 20–30% of an airline's total operating costs, which means that when oil prices spike, an unprotected airline faces a direct hit to its margins — and passes that cost on through fares.

To protect against this, airlines buy fuel hedges: financial contracts that lock in a price for fuel they'll need in future months or years. If market prices rise above that locked-in rate, the airline is protected — they've already bought their fuel cheaper. If prices fall below it, they've overpaid — but that's a risk they accept in exchange for stability.

Most major UK carriers built up strong hedge books in 2023 and 2024, when fuel was more affordable. That protection has been shielding fares in 2025 and into 2026. But hedging coverage drops off sharply for most airlines as you move into late 2026 and 2027 — and the fares for those periods will increasingly reflect today's higher market prices.

What each airline's position means for you

easyJet

CEO Kenton Jarvis has publicly warned that fares will rise towards the back end of summer 2026 as unhedged fuel costs feed through. easyJet revised its H2 2026 coverage down from 84% to 70% in its April 2026 trading update, with the unhedged portion now being bought at spot prices of around $1,500 per metric tonne. Coverage falls to the low twenties by Q3 2027 — so if you're flying easyJet in summer 2027, you're in the most exposed window.

Ryanair

Ryanair is actually one of the best-hedged airlines in Europe for 2027, having locked in 80% of its FY27 fuel needs at around $67 per barrel before the Iran conflict drove prices to record levels. CEO Michael O'Leary confirmed in late March 2026 that the airline is pausing new hedging for now, preferring to wait for spot prices to fall below $70 before adding further cover — but the existing book means 2027 passengers have more protection than almost any other low-cost carrier.

British Airways (IAG)

IAG reports quarterly hedging from 75% in Q1 2026 stepping down to 50% in Q4 2026, then 39% in Q1 2027 — giving British Airways more gradual exposure than some budget carriers but still significant by late 2027. IAG has paused new hedging contracts since the Iran conflict began, betting that prices will pull back before it needs to lock in further cover.

Wizz Air

Wizz Air has strong 2026 coverage, but is sharply exposed beyond the start of its FY2028 — which begins in April 2027. FY27 aggregate coverage is 55%, but this is heavily front-loaded, with the second half of 2027 sitting in single figures. Passengers flying Wizz Air from late 2027 onwards face the most significant fare pressure of any airline in this tracker.

Jet2 and TUI Airways

Both carriers actively manage fuel risk, but neither publicly discloses specific hedging positions. We don't publish estimates for data we don't have. What we can say is that both have strong track records of operational stability and are unlikely to be unprotected — but we can't show you their specific numbers.

What the conflict means for your holiday budget

Oil prices, fuel surcharges, and the "book now vs wait" question – answered honestly for UK holidaymakers.

When should you book?

Fuel hedging is one input into airfare pricing, not the only one. Demand, competition, and capacity all matter too. But as a structural signal — something baked into an airline's cost base for a specific period — hedge coverage is unusually reliable. An airline with 15% hedge coverage in a quarter is buying most of its fuel at whatever the market is doing that day.

The practical rule of thumb that comes out of this data:

• Flying in 2026? Most carriers are still well covered. You have time to shop around, but there's no reason to hold off booking once you've found a fare you're happy with.
• Flying in early 2027? This is where the coverage picture starts to vary significantly between airlines. Check your specific carrier in the tracker above. For easyJet and Wizz Air in particular, the protection picture weakens. Ryanair is notably better protected than the original data suggested.
• Flying in summer 2027? This is the highest-risk window across the board — especially for easyJet and Wizz Air. If you know your dates, booking now locks in today's pricing regardless of what happens to fuel costs between now and then. An airline can't retrospectively raise a fare you've already paid.
• Consider locking in your ancillaries too. Parking, hotels and lounges at your airport are priced independently of fuel — and booking in advance almost always gets you a better rate than booking on the day. Compare deals at your airport now.

The complete guide to navigating travel during the Iran conflict

Everything UK travellers need to know in one place — your rights, your costs, your options, and the smartest alternative destinations.

The bottom line

The era of airlines absorbing high fuel costs through their hedge books is drawing to a close. It won't happen overnight — and it won't happen uniformly. But the direction of travel for fares in 2027 is up, and the window to lock in today's prices is shrinking.

Use the tracker above to check your specific airline and travel window. And whatever you decide about flights, book your parking, hotel and lounge in advance — those prices move independently, and early booking almost always wins.

We'll update the hedge data in this tracker each quarter as airlines publish new investor guidance. Bookmark this page to stay current.