Airfares for overseas travel are set to climb again. International fuel surcharges will rise for a third consecutive month in November as global oil prices rebound on the prolonged conflict in the Middle East.
Korean Air (003490.KS) and Asiana Airlines (020560.KS) said on the 16th that they will apply November international fuel surcharges at level 27, four tiers above this month's level 23. The increase follows a spike in global oil prices after renewed clashes between the United States and Iran in the Strait of Hormuz.
The average price of Singapore jet fuel during the Sept. 16 to Oct. 15 assessment period for November surcharges was 414.03 cents per gallon ($173.89 per barrel), up 9.7% from the 377.54 cents used to set this month's rates.
Surcharges will rise by as much as 13% at Korean Air and 17% at Asiana Airlines. Korean Air's one-way November surcharges range from 55,600 won on the shortest Northeast Asian routes, such as Fukuoka and Qingdao, to 408,100 won on U.S. East Coast routes, including New York and Washington.
The surcharge is 76,000 won on major Northeast Asian routes such as Tokyo and Beijing, 185,800 won on Southeast Asian routes including Bangkok, Singapore and Ho Chi Minh City, and 370,100 won on Western European and U.S. West Coast routes such as London, Paris and Los Angeles. The round-trip surcharge alone on U.S. East Coast routes comes to 816,200 won, up 91,000 won from this month.
Asiana Airlines will charge between 62,400 won on the shortest Northeast Asian routes and 351,100 won on European and U.S. East and West Coast routes, on a one-way basis. On long-haul routes, the round-trip surcharge alone exceeds 700,000 won.
With surcharges rising for a third straight month ahead of the year-end peak travel season, the cost of buying a ticket is mounting. Airlines are closely watching for signs that travel demand could weaken.