Korean airlines to lower fuel surcharges in December

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Korean airlines to lower fuel surcharges in December

Korean airlines will lower their fuel surcharges on international routes in December to mirror a fall in jet fuel prices, industry sources said Monday.

The surcharges for one-way tickets on long-haul international routes will be capped at 37,700 won ($32.40) next month, down one notch from November.

If the average jet fuel price on the Singapore spot market rises over $1.50 per gallon, local airlines are allowed to impose fuel surcharges, starting one month later.

Jet fuel prices averaged $1.79 per gallon on the Singapore exchange between Oct. 16 and Nov. 15.

If jet fuel prices drop below the threshold, no surcharge is collected. There are 10 levels of surcharges, depending on how long a route is.

Fuel surcharges on domestic routes will also drop by one notch to 4,400 won next month from the current 5,500 won, according to the sources. Surcharges on domestic routes are levied if the average jet fuel price hovers above $1.20 per gallon.

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