AirAsia’s Tony Fernandes warns costs will ‘go up dramatically’ over the next 12 months: ‘Can’t get a vaccination for Donald Trump’

Airline fuel costs are about to jump as carriers’ hedges expire, AirAsia co-founder Tony Fernandes warned.

“It’s tough,” Fernandes, who is also chief executive of Capital A Group, said onstage at the Global Tourism Economy Forum (GTEF) in Macau on Oct.

16, during a panel moderated by Fortune ‘s Asia editorial director Lee Williamson.

“Any airline who says it’s great is not telling the truth.

A lot of people’s hedges are coming off, and prices are going to go up dramatically.” Asia’s carriers are still grappling with high fuel costs in the wake of the U.S. war with Iran.

Disruption to oil supplies through the Strait of Hormuz is keeping jet fuel and diesel prices elevated.

Asian jet fuel is trading at just over double the average last year, according to calculations by the International Air Transport Association .

Low-cost carriers have less room to increase fares, so rising fuel prices hit their margins.

AirAsia, in particular, has struggled with higher jet fuel prices and a large debt burden.

The airline’s shares are down almost 75% for the year.

The airline plans to raise $1 billion for debt refinancing.

Fernandes recently met with Malaysian government officials to discuss funding support for the airline, Reuters reported last week citing unnamed sources.

He has denied needing a bailout and says he has not asked for government help—though he admitted to Reuters he would accept help if offered.

At GTEF, Fernandes estimated that the current period of volatility would last about 12 months, though conceded the timing was a guess.