Originally Posted by eternaltransit

In addition, Sir Tim and HH are very averse to hedging fuel costs - they got burnt in 2009 - so they stopped for a decade or so, reluctantly dipped toes in the water again in 2018-19 and promptly took a large loss in 2020.

So EK is usually an airline that goes with the flow when it comes to fuel pricing - helped before by the owner accepting a tolerable profit margin rather than maximising it!