Korean Air takes emergency action as fuel prices soar
The average price of jet fuel rose to nearly $200 a barrel on 20 March, more than double what it was in February, according to the latest International Air Transport Association figures. Kenya breaking news | Kenya news today |..
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Korean Air has entered emergency management mode due to soaring jet fuel costs, triggered by the ongoing conflict with Iran and the global economic impact. This move aims to implement internal cost-reduction measures to ensure the airline's financial stability amidst rising fuel prices and global economic uncertainty. The airline's Vice Chairman Woo Ki-hong communicated these plans to staff, emphasizing a company-wide pursuit of cost efficiency.
- Jet fuel costs have sharply increased, with Brent crude oil rising over 50% to over $110 per barrel since February 28.
- Korean Air, along with Asiana Airlines and Busan Air, all owned by the Hanjin Group, have adopted emergency management.
- The average price of jet fuel reached nearly $200 per barrel on March 20, more than double February's price.
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