International flight fuel surcharges to drop in July

International flight fuel surcharges are set to decrease in July, offering some relief to travelers after reaching record highs earlier this year. The surcharges will drop to the 19-tier level, down from the 27-tier level in June and the peak 33-tier level in May.

This reduction stems from a significant drop in the average price of Singapore jet fuel (MOPS). The price fell by approximately 17.5% to 338.3 cents per gallon (equivalent to $142.09 per barrel) between May 16 and June 15. This marks a 33.8% decrease from the previous month.

For Korean Air, international fuel surcharges will range from 46,400 to 344,000 won per one-way trip, a reduction of up to 107,500 won compared to June. Asiana Airlines will see a decrease of up to 107,000 won, with surcharges ranging from 48,500 to 275,800 won per one-way trip.

The surge in fuel surcharges had previously been cited as a factor dampening demand for overseas travel. The upcoming decrease is anticipated to alleviate cost concerns for passengers, particularly those on long-haul routes. Industry experts suggest that if international oil prices continue to stabilize, further reductions in fuel surcharges could be seen in August, as the July figures were calculated before the impact of the US-Iran MOU was fully reflected.