Korean Air Lines will cut the fuel surcharge on international tickets issued in June from the previous month. With jet fuel prices down, the round-trip fuel surcharge on the Incheon–New York route, now 1,128,000 won, will be 902,800 won.
According to Korean Air Lines on the 18th, the Mean of Platts Singapore (MOPS) price for jet fuel, which serves as the benchmark for next month's international fuel surcharge, recorded 410.02 cents per gallon from Apr. 16 to on the 15th.
A fuel surcharge is a fee airlines add to fares to offset losses from rising oil prices. Under the Ministry of Land, Infrastructure and Transport's distance-based system, each airline sets and discloses the surcharge monthly after its own adjustments.
International fuel surcharges have been operated in a total of 33 tiers since 2016. The tier to be applied next month is Tier 27. Compared with this month, when the highest tier was applied for the first time since the current system was introduced, it is down six tiers.
Accordingly, Korean Air Lines cut the surcharges by section by 17.6% to 20% from the previous month. It is the first time in about four months, since February, that Korean Air Lines has lowered the fuel surcharge imposed on international ticket issuance.
Fuel surcharges had repeatedly risen as international oil prices surged from March due to the war between the United States–Israel and Iran.
In amounts, 61,500 won to 451,400 won will be charged one way. Routes with shorter distances, such as to Japan and China, will be charged 61,500 won, and routes to the United States and Europe will carry a 451,400 won surcharge.
As the application tier drops with the decline in jet fuel prices, other airlines are also expected to lower international fuel surcharges applied to tickets issued from next month. Starting with Korean Air Lines on this day, Asiana Airlines and low-cost carriers (LCCs) such as Jin Air and T'way Air are expected to announce their fuel surcharges.