International air fares to fall in June on lower fuel surcharge

[Photo provided by Asiana Airlines]

Airline fuel surcharges on international routes in South Korea are expected to continue to fall in June, bringing down the overall ticket prices for overseas travelers during the summer vacation period.

According to multiple sources from the aviation industry on Sunday, the fuel surcharges for international flights in June will be set at level 7, down by one notch from May. This will result in Korean Air Lines Co. imposing a fuel surcharge of between 14,000 won ($10.6) and 107,800 won for one-way tickets, down from between 16,800 won and 123,200 won in May. The surcharge differs by travel distance.

The fuel surcharge imposed by Asiana Airlines Inc. is expected to be between 14,700 won and 85,300 won in June, down from between 17,000 won and 96,800 won in May.

Fuel surcharge is calculated using the average price of jet fuel traded on the Singapore Exchange. When the average price per gallon, or 3.79 liters, exceeds 150 cents, surcharges are imposed according to 33 levels depending on the distance.

When oil prices soared last year, surcharges rose to up to 339,000 won in July and August and airline ticket prices skyrocketed. Oil prices, however, have fallen recently and the surcharge level has been lowered to 8 in May from 13 in March and 10 in April.

Travelers planning overseas trips this summer are expected to pay less for their ticket fares.

Korean Air’s fuel surcharge on a one-way ticket to New York, Atlanta, and Washington D.C. has gone down by about 170,000 won from a year ago. The destinations have the highest fuel surcharge.

If a family of four purchases a round-trip ticket to New York, they will see the fuel surcharge go down by 1.2 million won this year from last year.

Ticket prices are also expected to decline further as airlines offer more seats and new destinations on increased demand.