People wait at the arrival area of the Incheon International Airport, Aug. 17, 2023. Yonhap
Korean airlines said Friday they will lower fuel surcharges on international routes next month to reflect a recent decline in jet fuel prices.
Starting June 1, the surcharge for one-way tickets on Korean Air ‘s international routes will be lowered to the range of 18,200 won-144,100 won ($13-$106), depending on routes, a company spokesperson said.
The national flag carrier receives surcharges ranging from 21,000 won-161,000 won this month.
Asiana Airlines, the country’s second-biggest full-service carrier, said it will cut the surcharge on its international routes to 20,600 won-114,100 won from the current 23,000 won-125,800 won range.
Local carriers’ surcharges vary depending on the level of jet fuel prices traded on the Singaporean market.
If the average jet fuel price on the Singapore spot market rises over $1.50 per gallon during the past month, Korean airlines are allowed to impose fuel surcharges starting one month later.
Jet fuel prices averaged at $2.32 per gallon on the Singapore market for the one month from April 16 to May 15. The average price is the basis for setting jet fuel surcharges for June.
If jet fuel prices drop below the threshold, no surcharge is collected.
On the domestic routes, Korean Air and Asiana said they will maintain the current fuel surcharges at 12,100 won next month.
Jeju Air and other low-cost carriers plan to apply the same surcharges on their domestic routes. (Yonhap)