Regional Airline LIAT has announced that it is reducing the fuel surcharge on tickets.
Chief Executive Officer David Evans said effective January 15, 2015 the fuel surcharge will be reduced by 50 per cent for all new bookings.
LIAT first introduced a fuel surcharge in 2003, in the wake of increasing fuel prices. In 2009 when the prices went down, the company took a decision to remove the fuel surcharge. However, in 2011, LIAT re-introduced the fuel surcharge in response to months of spiraling jet fuel prices. That year alone, LIAT spent US$22 million on fuel, or 18 per cent of total costs.
The price of both jet fuel (the fuel used by airlines), and crude oil have been falling recently.
Evans said, being fully aware of the impact rising fuel prices have had on customers, it was only fitting that they benefit from the decreased prices. (PR)