South Korean airlines to impose record fuel surcharges for May

South Korean airlines will apply the highest fuel surcharges on flights ticketed in May as rising oil prices linked to escalating tensions in the Middle East push costs sharply higher, Yonhap news reported Thursday, citing industry sources.

The surcharge level for May was set based on the Mean of Platts Singapore (MOPS), which averaged $214.71 per barrel between March 16 and April 15, placing it in the top Level 33 bracket under the country's pricing system.

Fuel surcharges are added to base fares to reflect higher fuel costs and are adjusted each month under a government-guided system based on flight distance.

The May rate rose from Level 18 in April, marking the sharpest month-on-month increase since the current system was introduced in 2016 and the first time the top bracket has been applied.

The higher surcharge will apply to tickets issued in May.

Korean Air said its international one-way fuel surcharge will increase to between 75,000 won ($50.89) and $381.8 in May, up from $28.4 to $205.1 won in April.

On long-haul routes such as New York, Paris and London, the surcharge will climb 86% to $381.8.

Asiana Airlines and low-cost carriers including Jeju Air are expected to announce their May surcharge levels in the coming days.

Industry officials said demand for ticket purchases could rise this month, as travelers may try to book before the higher fuel surcharges take effect.