31 Jan '16, 5pm

Travellers' delight: Falling oil prices mean cheaper air fares

Travellers' delight: Falling oil prices mean cheaper air fares

NEW YORK (AFP) - Plummeting oil prices have led to falling plane ticket prices- and prospects for an even bigger bonanza of consumer-friendly fares in the coming months, airline industry experts say. With fuel prices down by two-thirds from the dizzying heights of mid-2014, when oil topped US$100 per barrel, the once cash-strapped airline industry is now reaping record profits. Increased competition also have helped coax down once stubbornly high fares, the experts say. "We've seen typical domestic prices drop about 14 per cent over the past year," Patrick Surry, chief data scientist at Hopper, the airfare prediction app, told AFP. "The drop in fuel prices is a major factor, along with increasing competition from low cost carriers, both domestically and internationally," Surry said. Experts say fuel makes up about a third of an airline's costs. With oil and jet fuel costs ...

Full article: http://www.straitstimes.com/business/travellers-delight-f...

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