
Hong Kong aviation giant Cathay Pacific announced Thursday it was raising fuel surcharges on all flights by 34 percent as a result of increasing oil costs due to the Middle East war.
"The price of jet fuel comprises both the crude oil component and the refinery component, both of which have increased significantly in recent weeks," the company said in a statement.
It also shared a list outlining surcharge increases on short-haul flights of 34.1 percent, while medium- and long-haul would increase by 34 percent exactly.
The hike in fees will apply to tickets from April 1, the statement added.
Average jet fuel prices increased globally to US$197 per barrel last week, up from US$95.50 a month ago, according to data by the International Air Transport Association (IATA).
"If the steep increase of fuel costs cannot be effectively mitigated, we would not be able to sustain the effective operations of our network," Cathay said.
It previously doubled fuel surcharges for most of its routes as a result of the war in the Middle East, and this week extended flight suspensions to and from Dubai and Riyadh until May 31.
It also said Wednesday it will operate extra flights to London, Paris and Zurich "to cater for an upsurge in market demand for Europe".
Many global airlines have implemented fuel surcharges in response to the increase in oil costs.
Cathay said it will review and revise its fuel surcharge every two weeks as a temporary measure because fuel prices remain volatile.
Analysts told AFP that while carriers all hedge a portion of their fuel costs, their margins could still be affected.
Cathay said Thursday its hedging covers only around 30 percent of the crude oil component, but does not apply to the refinery component.
The measure is insufficient "given the scale of the recent surge in jet fuel prices", it said.
The airline "is determined to manage this significant cost challenge as best we could, in order to maintain our network and frequencies during these unprecedented times".
twa/mjw
LATEST POSTS
- 1
Focus on Yourself: Wellbeing and Taking care of oneself Practices - 2
Top 10 Moving Style Architects of the Year - 3
Antimatter took to the road for the very first time. Here’s why it matters - 4
Why ordering takeout or calling the dog walker might lead to a happier relationship - 5
Air India chief resigns 10 months after devastating Ahmedabad crash and amid mounting financial troubles
Winter solstice 2025 marks the shortest day of the year in the Northern Hemisphere today
From Specialist to Proficient Picture taker: Individual Triumphs
A 'rampaging lion' nebula roars to life in a stunning deep-space photo
Only 30% of young people in Israel optimistic about future, Aluma survey reveals
Winona Ryder didn't take the 'Stranger Things' plot lightly. How 'otherworldly' grief and a kidnapping in her hometown informed her character.
Trump says Venezuela will start 'turning over' oil to the U.S. Is that the reason he toppled Maduro — or is it something else?
How to get tickets for AC/DC's 2026 'Power Up' Tour
Experience Is standing by: 10 Pleasant Setting up camp Areas to
Brazilian cardinal orders a popular Catholic priest to go offline following right-wing attacks













