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| Passenger jets of Korean Air are parked at a terminal of Incheon International Airport, Jan. 4. Yonhap |
Korean Air is set to impose record fuel surcharges on international routes in July amid soaring jet fuel prices, industry sources said Thursday.
Starting July 1, Korea's top air carrier will apply a 42,900 won ($33.30) to 339,300 won surcharge on one-way tickets for international flights, depending on the route.
The planned increase will raise the air carrier's surcharges to Level 22, the highest tier, from the current Level 19. This is the highest level since the current surcharge system was adopted in July 2016.
In April 2021, rising jet fuel prices forced local carriers to begin imposing fuel surcharges after a one-year hiatus. Fuel surcharges on international routes had stayed at zero since April 2020 due to the fallout from the COVID-19 pandemic.
Local carriers' fuel surcharges vary on the level of jet fuel prices traded on the Singaporean market.
If the average jet fuel price on the Singapore spot market has risen over $1.50 per gallon for the previous month, Korean airlines are allowed to impose fuel surcharges starting one month later. If jet fuel prices drop below the threshold, no surcharge is collected.
Jet fuel prices averaged $3.64 per gallon on the Singaporean market for the one period from May 16 to June 15.
Industry watchers voiced concern that rising fuel surcharges will likely lead to higher ticket prices for international routes during the summer vacation season. (Yonhap)
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