A recent surge in fuel prices may mean more expensive plane tickets in the near future. During the past year, fuel prices increased by almost 57 percent per barrel. As these prices fluctuate, airlines typically respond by increasing airfare prices and other passenger fees to make up for the budget hit.

This information was delivered at the International Air Transport Association annual meeting where news broke prices of crude oil climbed above $75 per barrel. The trade association for airlines predicts prices may increase even higher to $84 per barrel. As fuel accounts for approximately 25 percent of airlines’ annual expenses, often the second-largest expense for airlines, the most feasible way for airlines to cover these increases is to hike up airfare costs for passengers.

Even after instituting additional passenger fees and raising ticket prices, airlines may experience a decrease in profits of up to 12 percent for 2018.