SEOUL: According to industry sources, South Korean airlines are planning to impose record fuel surcharges on foreign routes in June as a result of rising jet fuel prices.
As per reports, a Korean Air Lines spokesman said that the extra for one-way tickets for international routes will range from 37,700 won (USD29.4) to 293,800 won, depending on the itineraries. The projected hike will raise fees from Level 17 to Level 19, the highest level. After a one-year hiatus, soaring jet fuel prices led local carriers to reinstate fuel fees in April 2021.
Due to the fallout from the Covid pandemic, fuel surcharges for international routes have been nil since April 2020.
South Korean airlines are allowed to levy fuel surcharges beginning one month after the average jet fuel price on the Singapore spot market increases over USD1.50 per gallon. There is no surcharge if jet fuel prices fall below the threshold. On the Singaporean market, jet fuel costs averaged USD3.36 per gallon for the month of April 16 to May 15.
Meanwhile, domestic fuel surcharges will increase to 17,600 won in the following month, up from 14,300 won in May.
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