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Cathay Pacific Raises Fuel Surcharges From Aug 1 as Jet Fuel Prices Surge
NRMA says prices are still below April’s record high and warns panic buying could strain supply as oil tops US$100 a barrel.
- Global oil prices jumped to more than $143 a barrel following renewed bombing near the Strait of Hormuz, prompting Cathay Pacific Airways to raise passenger and cargo fuel surcharges effective Aug 1.
- Tensions escalated after Yemen's Houthi rebels struck two Saudi Arabia vessels in the Red Sea, while renewed bombing between Iran and the United States occurred near the vital Strait of Hormuz.
- Cathay Pacific Airways cited International Air Transport Association data showing global average jet fuel prices climbed to $149.4 per barrel when confirming long-haul surcharges will rise 41 per cent to $1,362.
- Warning Australians against panic buying, NRMA spokesperson Peter Khoury noted average unleaded prices reached $1.85 and diesel hit $2.26, stressing fuel's impact on family budgets.
- Higher oil costs create inflationary pressures that may force the Reserve Bank to lift interest rates, while logistics businesses in Sydney report operational overheads are going through the roof.
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Asia One
Asia OneCathay Pacific raises fuel surcharges from Aug 1 as jet fuel prices surge
HONG KONG: Cathay Pacific Airways said on Friday (Jul 24) it would raise passenger and cargo fuel surcharges from Aug 1, reversing a series of reductions since May, as jet fuel prices surge on renewed Middle East tensions.The Hong Kong flag carrier said the adjustment marks the first increase to surcharges si
·Singapore, Singapore
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Total News Sources16
Leaning Left3Leaning Right3Center5Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 27%
C 46%
R 27%
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