Airfare Prices Rise Starting Today... Long-Haul Round Trips Up by About 200,000 Won

[Financial News] Airfare on domestic and international routes operated by South Korean airlines will rise across the board starting in September. The increase comes as fuel surcharges go up amid a sharp jump in jet fuel prices.
According to the industry on the 1st, Korean Air will impose fuel surcharges ranging from 48,000 won to 354,000 won per one-way international ticket issued from today. Until last month, the range was 35,200 won to 259,200 won.
For long-haul routes from Incheon to New York, Dallas, Boston, Chicago, Atlanta, Washington, D.C., and Toronto, the one-way fuel surcharge will rise by about 100,000 won. On a round-trip basis, the increase will be about 200,000 won, widening the price gap further.
Asiana Airlines will raise fuel surcharges for long-haul routes from Incheon to Los Angeles, San Francisco, New York, Sydney, Frankfurt, Paris, and London from 202,900 won to 291,000 won.
Among low-cost carriers (LCCs), Jin Air raised fuel surcharges for routes under 600 miles from $20 to $29, and for routes between 600 and 1,199 miles from $27 to $41. T'way Air set its charges according to distance, at 36,200 won for routes under 600 miles, 62,200 won for routes under 1,200 miles, and 247,500 won for routes over 5,000 miles.
Domestic fuel surcharges were set uniformly by all airlines at 20,900 won per one-way ticket. Last month, the charge was 16,500 won.
This is the first increase in fuel surcharges in four months. The main reason is the sharp rise in the average Singapore jet fuel price, or Mean of Platts Singapore (MOPS), which reached a peak of 33 stages in May. Although it fell to 14 stages last month, it climbed again to 21 stages this month. For the period used to calculate September fuel surcharges, from July 16 to August 15, MOPS stood at 355.46 cents per gallon, more than 25% higher than the 283.48 cents recorded in the August calculation period.

[email protected] Kim Yoon-ho Reporter