More pain as Qantas hikes fares again
Qantas is again raising domestic, regional and Tasman airfares sold in Australia in response to high oil and jet fuel prices.
Increases of up to $10 per sector will apply to domestic and regional fares for tickets issued on or after March 31. Increases of up to eight per cent will also apply to Tasman fares.
Qantas CEO Alan Joyce said the current situation presented a significant threat to airlines in Australia and around the world.
“Airlines have a range of options available to them to manage this significant cost…however the situation today is very different to the last fuel crisis, when the global economy was strong.
“This time, the world is still emerging from the global economic crisis, and demand is still recovering.â€
“Since international fuel surcharges and domestic fares increased last month, jet fuel prices have increased by a further 15 per cent, to more than US$134 per barrel today,†Joyce added.
Qantas said it could not rule out fare increases if the price of oil continued to rise.
Virgin Blue warned this week that earthquakes and flooding in New Zealand and Australia earlier this year, combined with the recent sharp rise in oil prices, would tip it into a loss during the current financial year.
The carrier forecast a loss of up to $80 million for the 12 months ending June 30,
Virgin Blue’s profit warning comes only days after similar news from Air New Zealand, which warned last week that it expected to lose money during the second half of the year.
Ian Jarrett
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