Several airlines have announced that they already have or will soon raise the prices of some tickets as the cost of jet fuel soars
The ongoing conflict in the Middle East has sent the cost of jet fuel soaring while some travellers have been warned they could face rising fares.
Several airlines have already confirmed that their prices will rise as the cost of aviation fuel goes up significantly just before summer. The huge Hong Kong-based airline Cathay Pacific has become the latest company to implement an emergency fuel surcharge to help offset the rapidly increasing costs.
Iran has effectively blocked the Strait of Hormuz – where one fifth of the world’s oil supply passes – by bombing some ships in the passage, as part of retaliatory strikes.
READ MORE: British dad leaves UK to join Kurdish forces fighting the Iranian regimeREAD MORE: Iran war ramps up – with British holiday hotspot now in the line of fire
A series of attacks on vessels in the waters close to the passage have been reported, with shocking videos showing cargo ships and tankers burning. The sudden chaos has sent the price of a barrel of oil to over $100, which has led to higher petrol prices and jet fuel prices.
The cost of a tonne of jet flue was around $830 before the conflict erupted. This price has unbelievably now soared to more than $1,500 a tonne. Air travel has also faced other disruptions with passengers stranded while airspaces across parts of the Middle East were closed for days, forcing flight to remain grounded.
Some airlines have announced measures such as rising prices or new fees amid this travel nightmare:
United Airlines
The US airline’s CEO, Scott Kirby, last week revealed the carrier’s profits would take a “meaningful” hit due to trouble in the Middle East. He also warned that fares could soon rise if the price of jet fuel remains high.
In an interview with CNBC, he said: “You know I think in the longer term, it’s always been the case at an airline that jet fuel prices go up, usually because demand is strong – and that’s going to be true again. Higher jet fuel prices lead to higher ticket prices. Ultimately, we’ll pass that through.”
Qantas
The Australian airline revealed it would be raising the price of its international flights. In a statement, the airline said: “Qantas International is increasing fares this week in response to rising costs including the significant increases in jet fuel prices. These increases will vary from route to route.”
Despite this, the airline also reported higher-than-usual ticket sales for long-haul flights to Europe.
Cathay Pacific
The Hong Kong-based carrier said it added a £54 surcharge onto flights from Europe and North America in recent days. The airline said it will review these surcharges again next month.
CEO Ronald Lam, on Wednesday, revealed the price of fuel this month has been double the average, when compared to the previous two months. The company said this new fee will apply to tickets from March 18.
KLM and Air France
The two partner airlines have increased their airfare prices. In a statement, the company KKM said increasing fuel costs “will impact ticket prices, with the increase varying by destination and class”.
A spokesperson for the French carrier added that economy tickets would go up by £43 for a return journey.
Norwegian
A newspaper in Norway reported that the airline will adjust prices to include the rising cost of jet fuel.
Air New Zealand
The New Zealand-based carrier was one of the first to announce prince increases – which includes an extra £8.80 for one way short-haul flights. There will be an extra £39 added to one way long-haul journeys.
The airline also announced, on Thursday, that it would cut 5% of its flights – around 1,100 services – until the start of May, due to jet fuel concerns.
Air Canada
A spokesperson for the airline, on Wednesday, said the cost of flights “has been and continues to be adjusted to reflect these higher fuel costs”.
Air India
The airline, on Tuesday, said it was going to start a phased expansion of jet fuel surcharges both for domestic and international journeys.
Norse Atlantic Airways
The budget airline – which has many routes from the UK to parts of the US, Thailand and South Africa – said the more expensive jet fuel prices have already been reflected in tickets.
Thai Airways
The airline said customers who haven’t already booked their flights could expect a fuel surcharge cost of around 15% per ticket.
Hong Kong Airlines
The company revealed surcharges of up to a staggering 35% will be slapped onto ticket prices from Thursday.
Air Asia
The budget Malaysian airline announced it would be bringing in a temporary surcharge amid the jet fuel cost crisis.
Air Transat
The budget Canadian airline said it will be adjusting prices for journeys to Europe. CEO Annick Guérard, in a call to investors on Wednesday, said: “We have increased fuel surcharges on Europe. However, this is blended in the total price. What we’re also doing is currently raising fares on peak travel dates and routes where we see less competition, where we have more flexibility.”
SAS Scandinavian Airways
The airline, earlier this week, said it has already changed flight prices due to rising fuel costs.
