LAHORE:
The ongoing tensions involving Iran, the United States, and Israel have pushed global petroleum prices higher, directly impacting aviation fuel costs. As a result, airline fares are expected to increase in the coming days.
According to sources at Pakistan State Oil, the price of jet fuel has surged from ₨188.93 per litre to ₨342.32 per litre, reflecting an increase of ₨153.39 per litre after a ₨55 per litre rise in general petroleum product prices.
The sharp increase in fuel costs is likely to compel airlines to raise ticket prices. Domestic airfares could increase by around 20%, while international fares may rise by up to 30%. Sources say some airlines have already submitted fare adjustment proposals to their finance departments, and new ticket prices could come into effect within the next one to two days.
Read: Airline stocks fall as oil prices surge amid escalating tensions with Iran.
Airfares from Lahore, Karachi, and Islamabad to London could rise by as much as ₨100,000. Meanwhile, ticket prices for flights to Paris, Istanbul, New York City, and Toronto may increase by approximately ₨80,000 to ₨150,000.
Global petroleum prices continue to climb, indicating that international air travel is likely to become more expensive. In Pakistan, more than a dozen airlines are preparing to raise fares, which could deal a financial blow to overseas Pakistanis planning to travel home during the Eid al-Fitr holidays.
The surge in jet fuel prices will also drive up airlines’ operational costs, ultimately passing the financial burden on to passengers.
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