The nation's airlines are set to impose record-high fuel surcharges on international flights as global oil prices continue to rise.
According to industry sources on Monday, flag carrier Korean Air will impose surcharges ranging from 37-thousand-700 won to 293-thousand-800 won for international flights starting June 1.
The applied surcharges will rise from the current Level 17 to the highest Level 19. The surcharges depend on the price of jet fuel traded on the Singaporean market.
If the average jet fuel price on the Singapore spot market surpasses one dollar and fifty cents per gallon for the previous month, local airlines are permitted to impose fuel surcharges the following month, depending on distance as calculated by one-way travel.
Surcharges for domestic flights, meanwhile, will rise from 14-thousand-300 won this month to 17-thousand-600 won in June.
News of the additional surcharge comes on top of ticket price hikes reflecting the shortage of seats to meet growing demand after the South Korean government eased COVID-19 regulations for inbound travelers.