Qantas has warned its ticket prices could reach even higher levels after the airline was hit with a $200 million fuel cost increase.
The airline provided a market update to the ASX on Monday, which outlined the rapidly increasing prices of jet fuel.
Qantas said fuel prices have increased by 30 per cent since May this year and 10 per cent in the last month alone. It’s expected jet fuel will cost Qantas a whopping $2.8 billion this financial year alone. Picture: Qantas "This is driven by a combination of higher oil prices, higher refiner margins and a lower Australian dollar," Qantas said.The business is currently absorbing the price hike, which could cost the airline an extra $200 million in their fuel bill this year.But the airline has vowed to balance any price hikes against consumer needs, in a sign Qantas is responding to customers who have become increasingly frustrated with sky-high prices since the COVID-19 pandemic.
"Any changes would look to balance the recovery of higher costs with the importance of affordable travel in an environment where fares are already elevated," Qantas said.
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