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Middle East Conflict Drives Virgin Australia to Raise Airfares on Fuel Costs
Virgin Australia raised airfares by 8% on Tuesday as the Middle East conflict pushed jet fuel prices to record levels. The Silicon Review reports on the latest carrier to pass higher costs to passengers amid the Strait of Hormuz closure. Virgin Australia raised airfares across its domestic network on Tuesday, becoming the latest carrier to pass higher fuel costs to passengers as the Middle East conflict pushes jet fuel prices to record levels. The airline increased base fares by an average of 8%, effective immediately for new bookings, following similar moves by Qantas and Rex Airlines over the past two weeks. Existing bookings will not be affected. "The cost of jet fuel has increased by more than 110% since January due to the ongoing conflict and the effective closure of the Strait of Hormuz," a Virgin Australia spokesperson said. "We have absorbed these costs for as long as possible, but we can no longer do so without adjusting our pricing." Jet fuel prices in Sydney reached $2.94 per liter on Monday, up from $1.24 at the start of the year, according to the Australian Institute of Petroleum. Australia imports approximately 90% of its refined fuel, with much of that supply pre...
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