Lufthansa is shrinking its fleet to counter rapidly rising fuel prices.<\/p>\n
Gone are the airline’s 27 Mitsubishi CRJ900 regional jets operated by its Lufthansa CityLine regional affiliate. Lufthansa’s four remaining Airbus A340-600s, with their unique downstairs toilets,<\/span> are next: Their retirement is set for the end of the summer season. And, at the same time, the carrier will say goodbye to two of its last Boeing 747-400s.<\/p>\n Lufthansa plans to retire its six remaining 747-400s in 2027.<\/p>\n The closure of CityLine amounts to a roughly 1 percentage point reduction, or 120 flights a day, in Lufthansa Group capacity, the airline said<\/span> Tuesday. The cancellations total 20,000 short-haul flights through October.<\/p>\n The moves are among the most drastic yet by a global airline to counter the rapid rise in fuel prices since the beginning of the Iran war Feb. 28. Other carriers \u2014 including Delta Air Lines, KLM, Qantas Airways and United Airlines \u2014 have cut flights, but none have (yet) unveiled plans to retire planes or make other permanent moves.<\/p>\n The average price of jet fuel was $4.38 per gallon globally on April 22, data from Platts Jet Fuel Assessment<\/span> shows. That represents a nearly 82% increase from prices on Feb. 27.<\/p>\n The average price of jet fuel in Europe was even higher \u2014 clocking in at $4.57 per gallon \u2014 on April 22, the data shows.<\/p>\n Other airlines could follow Lufthansa’s lead if Europe runs out of jet fuel in “maybe six weeks or so,” as International Energy Administration executive director Fatih Birol warned<\/span> last week.<\/p>\n Lufthansa, responding to concerns about the European supply of jet fuel, said it “expects a largely stable fuel supply” through the summer.<\/p>\n Reward your inbox with the TPG Daily newsletter<\/p>\n Join over 700,000 readers for breaking news, in-depth guides and exclusive deals from TPG\u2019s experts<\/p>\n![\"\"](\"\/images\/EmailSignUp\/daily-mob.svg\"\/)
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