Qantas on Wednesday warned that escalating oil prices would increase its fuel bill by more than A$2bn in its next financial year, forcing the airline to abandon some routes and cut jobs in an effort to rein in costs.

The Australian carrier, one of the world’s most profitable airlines, joins a growing list of companies around the world that are struggling under the weight of higher oil prices. Jet fuel prices have more than doubled in the last year and were on Wednesday trading at around $1,345 per tonne.