Oil prices are getting more likely to hit $150 per barrel and air carriers need to prepare for the higher price, said David Shepherd, Senior Vice President, Europe & Americas, British Airways World Cargo.

"We'd be remiss not to," he said.

Shepherd begged off giving a more definitive forecast of when prices might hit that high. "Unfortunately, my crystal ball isn't working," he said.

But, with prices hitting $126 per barrel this week, the likelihood is "living larger in the headlights," he said.

British Airways had budgeted about $900 million for fuel earlier this year. Shepherd said the airline is likely to need about $1.6 billion.

Michael Fabey / Traffic World