Soaring Fuel Prices Prompt Air New Zealand to Hike Fares
Posted on: Tuesday, 18 March 2008, 09:00 CDT
Air New Zealand is planning to hike its fares on its domestic flights and Australia and the Pacific Island services by 3%, effective March 26, 2008, due to rising fuel costs, reported media sources.
The airline has said that long-haul fare increases will likely be announced within the next two weeks.
Media sources quoted Bruce Parton, general manager of Air New Zealand, as saying: "When domestic fares were last increased due to fuel costs in May 2006, the price of Singapore jet fuel per barrel was $87. Today it has reached $130 with a $10 increase in the past month alone. This recent price escalation has left Air New Zealand with little option but to increase fares."
Source: Datamonitor
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