High fuel costs were key to the collapse of Norwegian carrier Flyr, according to analysis by IBA, which said it expects more airlines to fail in the coming weeks. “Jet kerosene prices remain very elevated at $1,153 per metric tonne, in part due to a very wide crack spread caused by a lack of refinery capacity,” IBA said, pointing to the 2008 global financial crisis as the last time such high prices were recorded. Weaker players were forced then to exit the market, a scenario the company sees as likely to recur in 2023 and give other airlines “more pricing

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