Jul 19 2011 |
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High oil prices won't reflect on airfares: airlines
Focus to be on stimulating growth rather than burdening consumers
Jet fuel prices are at a record high, but the aviation sector is willing to absorb the cost in an attempt attract more customers in what is likely to be a dry period of Ramadan which coincides with August this year, Al Ittihad reported.
The jet fuel price index in both the international and local markets continued to rise for the second consecutive week, recording a 6.8 per cent rise.
She stressed that it is difficult to change the fares at a time when most companies are looking for ways to stimulate travelling.
Emirates recently announced 20 per cent discount on tickets to 32 destinations, for over two and a half months, until September 30.
Mohamed Abou-Shahin of Al Afaq Travel Agency notes that the move by Emirates rules out any chance of additional fuel surcharge as it triggered similar moves from other regional companies as well.
Sharyn Parreira, Regional Director of Sri Lankan Airlines said, "Any change in fuel tax in the coming days is out of the question, even though the fuel bill is on the rise."
According IATA index, the price of a barrel of jet fuel entered a record $126 per barrel in the second week of July, while airlines continued to operate with same fuel surcharge for the eighth consecutive week.
The index also shows that the average price per barrel of aviation fuel is still $16 less than the highest price recorded in 2011, and still 5.1% lower from the same month in the corresponding week of last June, while the price is higher than the same period of last year by about 45.7 per cent.
© Emirates 24|7 2011
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