The price of jet fuel is falling, but don't expect airfares to follow any time soon

A technician prepares to refuel a Delta Air Lines plane at Austin-Bergstrom International Airport in April. Brandon Bell/Getty Images hide caption

When jet fuel prices shot up this spring, airlines responded by raising their ticket prices and fees. Now fuel costs are coming back to earth .

But don't expect the airlines to give those price increases back right away.

"If people will pay it, why would you take it back?" said Michael Boyd, a longtime aviation industry consultant . "I mean, if people are willing to pay an extra $5 to check a bag and there's no pushback, don't be silly."

The price of jet fuel is down to its lowest level since the war in Iran began more than three months ago. On Tuesday, the average price of a gallon was $2.80, according to the tracking firm Argus . That's down more than $2 per gallon from the peak in April, though still higher than before the war began.

Travelers have shown they're willing to pay higher airfares, at least so far. And aviation experts say airlines face rising costs across the board, not just for jet fuel.

"We have labor costs coming up. We have operational costs going up at airports," Boyd said in an interview. "So in terms of looking forward to a future of bright low $59 fares, that was on another planet long, long ago."

The high cost of fuel has already hurt airlines' bottom lines, according to Willie Walsh, the head of the International Air Transport Association, which represents airlines around the world.