Aegean Airlines, the reputed Greek carrier said in a statement released on Friday that it will raise ticket surcharges for domestic and international flights by up to three euros to meet the soaring cost of jet fuel. Most notably, the carrier ably competes with the state-owned Olympic Airlines operating domestic and international routes. The airline reported a loss of EUR4.4 million euros (USD$6.91 million) during the first quarter due to 57 percent jump in energy costs.
The company noted in a statement, "Taking into consideration the continuing rise of oil prices... Aegean is forced to increase the surcharge on its ticket prices." During the first quarter, Aegean, ably continued to expand its business even amid challenging conditions forced by the soaring prices of oil. The company observed that when compared with the same period last year, the prices of fuels in dollars have risen 110 percent.
The company reported, "Fuel costs account for 35 percent of total company costs, despite the ongoing investment in new A320/321 Airbus planes, which reduce fuel consumption."
The airline has been constantly in the process of renewing its fleet and seeks to add more destinations. It has taken delivery of four brand new A320 aircraft. During the first quarter, the traffic rose up to 10 percent to 1.1 million passengers.
On Friday, crude oil futures dropped less than USD$145 a barrel. However, it remained within the reach of record highs attained in the previous session. This week, the price reached near USD$146 due to the mounting of tensions between Iran and Israel.
