Cathay Pacific raises fuel surcharge on all flights by 34%

Hong Kong aviation giant Cathay Pacific announced Thursday it was raising fuel surcharges on all flights by 34 percent as a result of increasing oil costs due to the Middle East war.

"The price of jet fuel comprises both the crude oil component and the refinery component, both of which have increased significantly in recent weeks," the company said in a statement.

It also shared a list outlining surcharge increases on short-haul flights of 34.1 percent, while medium- and long-haul would increase by 34.0 percent.

The hike in fees will apply to tickets from April 1, the statement added.

Average jet fuel prices increased globally to US$197 per barrel last week, up from US$95.5 a month ago, according to data by the International Air Transport Association (IATA).

Cathay previously doubled fuel surcharges for most of its routes as a result of the war in the Middle East, and this week extended flight suspensions to and from Dubai and Riyadh until May 31.

It also said it will operate extra flights to London, Paris and Zurich "to cater for an upsurge in market demand for Europe".

Many global airlines have implemented fuel surcharges in response to the increase in oil costs.

Cathay said it will review and revise its fuel surcharge every two weeks as fuel prices remain volatile.