Thursday 10th March 2011
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Air New Zealand is increasing airfares by as much as 8% on average because of the rising cost of jet fuel.
From March 18, domestic airfares will increase by an average of 7%, fares to Australia and the Pacific Islands will increase by an average of 8% and long haul fares will increase by an average of 7%.
The airline said that in the past month jet fuel has increased from US$114 (NZ$155) per barrel to US$130 per barrel, adding almost US$10 million per month to the airline's operating costs.
Earlier today, Qantas said it would again increase fuel surcharges on international flights on tickets issued on or after March 17.
It said oil and fuel prices were an increasing concern for the aviation industry and its surcharges would not recover the full impact of the latest oil and fuel prices.
Aviation analysts have said that surcharges are a transparent way of recovering rising fuel costs compared with increasing airfares.
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