Seoul, June 1 (IANS) South Korea’s aviation sector output fell at the sharpest pace in 52 months in April, mainly due to a spike in fuel surcharges stemming from the prolonged Middle East conflict, government data showed on Monday.The production index for the aviation sector stood at 468.5 in April, down 13.5 percent from a month earlier, according to data released by the Ministry of Data and Statistics.It marked the largest on-month decline since December 2021, when the index dropped 14.2 perce…
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Seoul, May 10 (IANS) South Korean low-cost carriers have cut 900 round-trip flights, and introduced unpaid leave and other emergency measures as the ongoing conflict in the Middle East has driven up fuel prices, industry officials said on Sunday.The flight cuts came as jet fuel prices surged following the U.S.-Iran conflict. As some airlines have yet to finalise their June schedules, the number of flight reductions is expected to increase further, according to the officials, reports Yonhap news …
Seoul, April 16 (IANS) South Korean airlines will impose the highest level of fuel surcharges on May flights as global oil prices surge amid escalating tensions in the Middle East, industry sources said on Thursday.Carriers set May surcharges based on the Mean of Platts Singapore (MOPS), which averaged US$214.71 per barrel from March 16 to April 15, placing them in the top-tier Level 33 bracket, the sources said. MOPS serves as a benchmark for refined petroleum products in the Asia-Pacific regio…
Seoul, April 1 (IANS) Fuel surcharges for flights operated by South Korean airlines have surged by as much as threefold from the previous month in April due to the spike in global oil prices, industry watchers said on Wednesday.Industry leader Korean Air raised its international one-way fuel surcharge to between 42,000 won (US$27.9) and 303,000 won for April, compared with 13,500 won to 99,000 won in March.On long-distance routes, such as those to New York, Chicago, Washington and Toronto, the s…
Seoul, March 26 (IANS) South Korea will significantly expand its temporary fuel tax cut in a bid to ease the financial burden on consumers amid the prolonged conflict in the Middle East, the finance ministry said on Thursday.Under the latest measures to support people’s livelihoods, the current tax cuts — 7 percent on gasoline and 10 percent on diesel — will be expanded to 15 percent and 25 percent, respectively, reports Yonhap news agency.The measure, which had been set to expire in April, wi…