Regional Airline, LIAT, announced today the complete removal of fuel surcharges on all new tickets booked, effective March 1st, this year.
Chief Executive Officer David Evans said in a statement that oil is now trading at a 12-year low, ending a decade of high jet fuel costs, which has impacted the price of tickets.
Mr. Evans said LIAT “reduced the fuel surcharge by 50 percent at the beginning of 2015 and it will now be completely removed from March 2016. This will mean that fares will fall by an average of 5 percent. So, beginning March 1st, customers will only have to pay the airfare and any applicable airport and government taxes when they book a flight.”
While the price of oil has been trending downwards, Mr. Evans explained that the effects of crude oil price reductions take some time to impact on the cost of aviation fuel.
He said the surge in oil prices since 2003 had turned fuel into one of LIAT’s largest costs.