Reference
·Primary source
Fuel cost as share of Thai airline operating expenses
~30–40% of total opex
Jet fuel (aviation turbine fuel, ATF) typically represents 30–40% of total operating costs for Thai carriers — broadly in line with global LCC and full-service airline benchmarks. During the 2022 energy-price spike, fuel's share of opex at Thai AirAsia and Nok Air briefly reached 40–45%, squeezing margins severely before jet fuel prices eased in 2023. Thai carriers purchase ATF primarily through PTT and IRPC, the dominant jet-fuel suppliers at Thai airports, at prices largely linked to Singapore spot kerosene benchmarks. Hedging practices vary: Bangkok Airways discloses fuel hedging positions in its annual report; Thai AirAsia has historically maintained limited hedges given the lower margin environment of LCC operations. Fuel efficiency (ASK per litre) is a key competitive differentiator, advantaging newer aircraft types.
Figure in context
Jet fuel (aviation turbine fuel, ATF) typically represents 30–40% of total operating costs for Thai carriers — broadly in line with global LCC and full-service airline benchmarks. During the 2022 energy-price spike, fuel's share of opex at Thai AirAsia and Nok Air briefly reached 40–45%, squeezing margins severely before jet fuel prices eased in 2023. Thai carriers purchase ATF primarily through PTT and IRPC, the dominant jet-fuel suppliers at Thai airports, at prices largely linked to Singapore spot kerosene benchmarks. Hedging practices vary: Bangkok Airways discloses fuel hedging positions in its annual report; Thai AirAsia has historically maintained limited hedges given the lower margin environment of LCC operations. Fuel efficiency (ASK per litre) is a key competitive differentiator, advantaging newer aircraft types.
Jet fuel (aviation turbine fuel, ATF) typically represents 30–40% of total operating costs for Thai carriers — broadly in line with global LCC and full-service airline benchmarks. During the 2022 energy-price spike, fuel's share of opex at Thai AirAsia and Nok Air briefly reached 40–45%, squeezing margins severely before jet fuel prices eased in 2023. Thai carriers purchase ATF primarily through PTT and IRPC, the dominant jet-fuel suppliers at Thai airports, at prices largely linked to Singapore spot kerosene benchmarks. Hedging practices vary: Bangkok Airways discloses fuel hedging positions in its annual report; Thai AirAsia has historically maintained limited hedges given the lower margin environment of LCC operations. Fuel efficiency (ASK per litre) is a key competitive differentiator, advantaging newer aircraft types.
Time scope
FY2023
Source basis
Primary source
Interpretation notes
What this tells you
Jet fuel (aviation turbine fuel, ATF) typically represents 30–40% of total operating costs for Thai carriers — broadly in line with global LCC and full-service airline benchmarks. During the 2022 energy-price spike, fuel's share of opex at Thai AirAsia and Nok Air briefly reached 40–45%, squeezing margins severely before jet fuel prices eased in 2023. Thai carriers purchase ATF primarily through PTT and IRPC, the dominant jet-fuel suppliers at Thai airports, at prices largely linked to Singapore spot kerosene benchmarks. Hedging practices vary: Bangkok Airways discloses fuel hedging positions in its annual report; Thai AirAsia has historically maintained limited hedges given the lower margin environment of LCC operations. Fuel efficiency (ASK per litre) is a key competitive differentiator, advantaging newer aircraft types.
What not to do with it
Use the linked report for interpretation and keep basis differences explicit.
Related figures
Adjacent numbers that add context without drowning the value.
AOT airport network — annual passenger throughput
Airports of Thailand, AOT Annual Report
Thai Airways — active fleet size post-rehabilitation
Thai Airways rehabilitation plan disclosures, SET filings
Asia Aviation (Thai AirAsia) — domestic seat share
SET filings — Asia Aviation PCL, CAPA Centre for Aviation
Bangkok Airways — proprietary airport count and network
SET filings — Bangkok Airways, CAPA Centre for Aviation
Report context
Atlas actors in this figure's reports
Profiles covered in the report that cite this number.