South Korean low-cost carriers have cut 900 round-trip flights and introduced unpaid leave and other emergency measures as the ongoing conflict in the Middle East has driven up fuel prices, industry officials said Sunday.
The flight cuts came as jet fuel prices surged following the US-Iran conflict, Yonhap News Agency reported.
As some airlines have yet to finalize their June schedules, the number of flight reductions is expected to increase further, according to the officials.
Jeju Air, South Korea’s largest budget airline, decided to cut 187 round-trip international flights, equivalent to 4% of its total operations, on routes from Incheon, west of Seoul, to Bangkok, Singapore, and the Vietnamese cities of Da Nang and Phu Quoc during May and June.
Since late April, it has also suspended its Vientiane route for two months.
Jin Air cut 176 round-trip flights to destinations, including Guam and Phu Quoc, through the end of this month. Further reductions are expected once its June schedule is finalized.
Among full-service carriers, Asiana Airlines has cut 27 round-trip flights on six routes, including Phnom Penh and Istanbul, through July following the outbreak of the Middle East conflict.
Korean Air, South Korea’s largest carrier, has not yet adjusted its flight operations but said it is closely monitoring the situation under an emergency management system.
Jet fuel prices have surged 2.5 times since the outbreak of the war.
The average Singapore jet fuel price, which is used as the benchmark for fuel surcharges, stood at $214.71 per barrel from March 16 to April 15, up 150% from two months earlier.
Budget airlines are particularly vulnerable due to their weaker financial conditions compared with major carriers.
