Airfares set to take off as fuel prices fly

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Just like regular consumers at the gas station, airlines refueling in Los Angeles are being forced to adjust to higher prices at the pump.Jet fuel prices have shot up, and experts say airfares are following suit.With a busy summer travel season approaching, airlines are starting to pass the costs on to passengers through higher fares and fees.“Whenever there’s a surge in oil prices, the airlines end up passing that to the consumers immediately,” said Diego Bufquin, director of hospitality management and entrepreneurship at Tulane University.

“It doesn’t take a long time.” Business Gas prices are on the rise amid U.S.conflict with IranAirlines have been struggling around the world since the U.S.

and Israel began bombing Iran late last month.Flights have to take longer paths around war zones, and higher fuel costs eat into their already razor-thin profit margins.

Jet fuel prices account for about a third of airlines’ operating costs, so they “cannot afford to wait to upcharge their customers,” Bufquin said.United Airlines Chief Executive Scott Kirby told CNBC that the spike in fuel prices will have a “meaningful” impact on the airline’s financial results.Some airlines outside the U.S.have already added fuel surcharges to their ticket fees.

Air India announced a phased increase in fuel surcharges on domestic and international routes last week.Hong Kong’s flag carrier Cathay Pacific announced it would charge extra on all fares to cover fuel costs starting Wednesday.

Business The sharp rise in gas and diesel prices due to the Iran war is quickly rippling through the world’s fourth-largest economy.Airlines topping up at LAX and other regional airports are already being hit.Jet fuel prices in Los Angeles have jumped more than 40% since the conflict in the Middle East started.Just like the price of gas for cars, jet fuel often costs considerably more in ...