VOLO
Jet-A price spike, SAF blending mandates, and operator cost pass-through
Middle East geopolitical conflict drove Jet-A prices sharply higher (US retail rose to ~$4.65/gallon), while EU ReFuelEU SAF 2% blending mandate took effect. SAF prices are typically 2–5x traditional jet fuel, with no scale advantage for small-batch business jet procurement. EBAA is pushing for Book & Claim mechanism and anti-fuel-tankering provision adjustments. Capacity investments like Germany's Schwedt €350M eSAF plant and Sweden's Skellefteå €21M plant are still years from actual supply.