Brazilian airlines face $5.2 billion extra cost as aviation fuel prices surge

Since the outbreak of the Middle‑East conflict on 28 February, the price of aviation kerosene (QAV) in Brazil has risen about 49%, reaching a peak of R$ 8.48 per litre in early 2026. The sharp increase has added roughly R$ 5.2 billion in unexpected expenses for the three largest carriers—Azul, Gol and LATAM—raising fuel’s share of total operating costs from 32% to 39%.

Data from the Qive analysis show that, while fuel prices surged, companies curbed purchases, with QAV volumes falling 62.6% in the first five months of 2026. The broader transport sector also felt pressure, with fuel oil up 34.5% and diesel up 14.4%.

In response, the National Development Bank (BNDES) announced a credit line of R$ 13.2 billion, including R$ 8 billion in working‑capital financing, to help airlines manage the higher fuel costs and maintain operations.