Georgian Airways has begun reducing flights and warned that it could face bankruptcy amid rapidly rising jet fuel prices, according to Victoria Klimicheva, the airline’s public relations head.

Speaking about the financial strain, Klimicheva said a round-trip flight to Paris requires around 26 tons of fuel, costing roughly $50,000, The Caspian Post reports, citing Xinhua.

With about 100 passengers on board, that amounts to approximately $500 per person just for fuel.

“Our round-trip fare was 300 to 350 euros (about 352 to 410 dollars),” she said, adding that on some routes ticket prices no longer cover even the basic cost of kerosene.

Jet fuel prices have increased sharply following the outbreak of fighting involving the United States, Israel, and Iran, which has disrupted production and supply chains across the Middle East and wider region.