Soaring oil prices push up airline surcharges

business-times.asia1.com.sg :

Airlines are raising fuel surcharges or warning of further hikes because oil prices are back on the boil. Oil prices hit US$78.64 a barrel in London after BP said it was shutting down the biggest US oil field in Alaska. Airlines paid a total of US$92 billion for fuel in 2005, an increase of 50% from the previous year.

Jet fuel has now become the single biggest expense for airlines and the sector expects to post an aggregate loss of US$3.0 billion in 2006 despite increased traffic. Almost all carriers except the budget airlines have passed the extra cost on to passengers.

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