organization-of-the-petroleum-exporting-countries

Higher Surcharges Expected Due to Higher Oil Prices

In November 2016, the Organization of the Petroleum Exporting Countries (OPEC) cut oil production causing higher oil prices. Since January 1, 2017, jet fuel prices rose 8.6 percent, and higher oil prices have a substantial impact on carriers’ operational costs, which they pass on in the form of fuel surcharges. Japan carriers have announced a fuel surcharge on outbound flights, while Air India will increase their fuel surcharge for overseas flights. ... [+]