"If oil stays at $135 for the rest of the year, the global airline industry will incur losses of $6.1 billion. The skyrocketing price of oil has eaten into the gains (from fuel efficiency measures) and left the industry in the red again," said IATA Director General Giovanni Bisignani.
He was addressing the the 64th Annual General Meeting IATA here. Observing that this is an "an economic disaster" facing all nations, he made a strong plea to governments for changing the rules of game, reducing taxation and freeing the airline industry from all regulations, such as bilateral agreements for air traffic rights, to enable airlines to attract foreign capital.
The conference adopted the Istanbul Resolution calling upon governments to "eliminate archaic rules that prevent airlines from restructuring across borders".
The meet is being attended by CEOs and other top officials of the airline industry, their partners and the International Civil Aviation Organisation.
"In view of the existing fees and charges, governments must refrain from imposing multiple and additional punitive taxes and other measures that will only deepen the crisis," the resolution said, demanding speedy steps to modernise air transport infrastructure and eliminating wasteful fuel consumption.
