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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Fuel surcharges on international airline tickets are set to fall by more than 20% in July, as global oil prices decline, easing the financial burden on overseas travelers.
According to the aviation industry on June 16, international tickets issued in July will be subject to fuel surcharge level 19, down eight levels from level 27 applied in June. The surcharge had previously surged to a peak level of 33 in May amid geopolitical tensions in the Middle East, but has now declined for two consecutive months.
Fuel surcharges are additional fees imposed by airlines to offset fluctuations in fuel costs. The latest reduction reflects a drop in the Singapore jet fuel benchmark (MOPS), which is used to calculate surcharge levels.
During the pricing period for July (May 16 to June 15), the average Singapore jet fuel price stood at 338.3 cents per gallon, down 17.5% from June’s 410.02 cents and 33.8% lower than May’s 511.21 cents.
Korean Air set its July one-way fuel surcharge at 46,400 won for short-haul routes such as Japan and China, and 344,000 won for long-haul routes including New York and Dallas. This marks a decrease of 15,100 won and 107,500 won, respectively, compared to June levels. On a round-trip basis, passengers could save up to 215,000 won.
Asiana Airlines announced fuel surcharges ranging from 48,500 won to 275,800 won for one-way international flights in July. Compared to June, the maximum round-trip surcharge has dropped by up to 214,000 won.
The continued decline in fuel surcharges is expected to provide some relief for international travelers during the peak summer travel season.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
