Travel prices in Greece are heading upward as the fallout from the Middle East crisis reaches the country’s transport sector. As fuel costs climb and regional disruptions weigh on operations, both air and sea travel are becoming more expensive just ahead of the summer season.
The impact is already visible in aviation, where the country’s largest airline, Aegean, has moved to raise fares. Meanwhile, ferry operators say higher fuel bills are placing the sector under intense pressure, adding to concerns that island travel will cost more in the months ahead.
Greece’s travel prices come under pressure from airline disruption
The fare increases are directly linked to the conflict’s impact on regional airspace and fuel supply chains. One of the first consequences was the suspension of safe overflights across parts of the Gulf, forcing airlines to adjust operations and temporarily suspend service to some destinations.
Like many major European carriers, Aegean has halted flights to affected destinations until at least the end of April. For now, there is no clear timetable for a return to normal operations.
Fuel costs, however, remain the central issue. Crude oil prices climbed from 70 dollars to 110 dollars per barrel, an increase of about 50 percent. Jet fuel rose even more sharply, jumping from 800 dollars per ton to 1,700 dollars per ton, a surge of 110 percent.
That steeper rise reflects the structure of the aviation fuel market. A critical part of the refining process takes place in Gulf facilities, where access and distribution have been severely disrupted by the conflict. As a result, airlines now face rising fuel costs at the same time as route restrictions.
Travel prices in Greece are rising despite limited fuel hedging protection
Fuel typically accounts for about 22 percent of Aegean’s total operating costs, making it the company’s single largest expense. To limit its exposure, the carrier had already secured 60 percent of its monthly fuel needs in advance.
That strategy has softened the blow, leaving only 40 percent of fuel demand exposed to the current spike. Even so, ticket prices have still risen by around 7 percent to 8 percent, though the increase could have been significantly higher without that protection.
The airline says the new fare levels do not affect the passengers who have already bought tickets.
Ferry operators warn of higher summer costs
The same energy shock is also hitting Greek ferry operators, where fuel plays an even larger role in daily operating economics. Industry officials say higher oil prices added an extra 14 million euros ($16,1 million) in costs to the sector in March alone.
In ferry transport, fuel accounts for about 50 percent of a vessel’s total operating expenses. That means even short-term increases in global oil prices can quickly erode profitability and put upward pressure on fares.
The issue carries wider significance because Greece depends heavily on maritime links. The country’s ferry network connects more than 80 islands with the mainland, making sea transport essential not only for tourism, but also for local mobility and regular supply flows.