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China’s fuel surcharge price cut unexpectedly fails airlines

5th of every month is in ChinawayThe day the fuel surcharge was adjusted, however, the new round of the adjustment cycle that began on 5 October was not unexpectedly short, due to the fact that international airlinesoil pricePrices continued to drop, and fuel surcharges were reduced for two consecutive months on August 5 and September 5.

Yicai.com reported that the outside world originally thought that the fuel surcharge would be halved on 5 October, but in fact it still maintained the collection standard that began on 5 September, i.e. adult passengers: from 800 kilometers A fuel surcharge of RMB 60 will be charged for each passenger (inclusive) on routes below, and RMB 120 for each passenger on routes over 800 km.

During the oil price calculation cycle from August to the end of September, the comprehensive procurement cost of domestic aviation kerosene announced by the Civil Aviation Administration of China has not decreased, and the adjustment of fuel surcharge is directly linked to the comprehensive procurement cost.

However, in the new calculation cycle starting September 25, the CIF duty-paid value of aviation kerosene imports fell, about RMB 1,000 less than the average level of the previous cycle. Fees are expected to come down.

Although international oil prices have continued to fall in recent months, aviation kerosene prices are still at historically high levels. Aviation kerosene cost only RMB 4,871/tonne earlier this year, and the lowest jet fuel price in June 2020 was only RMB 1,724/tonne. Today, the price of jet fuel has more than doubled since the beginning of the year.

Rising oil prices are driving up fuel costs for airlines. In addition to the semi-annual report of airlines listed in 2022 that has been released,Eastern AirlinesFuel costs fell, and many other listed airlines rose sharply. Declining demand and rising fuel prices affected the airline’s first half results.

The eight listed airlines lost a total of about 70 billion yuan in the first half of the year, equivalent to a daily loss of 380 million yuan. Among them, four airlines occupy the top four positions in the list of losses, and the losses are equal to the sum of the losses of more than 20 listed companies, and 12 airlines are already insolvent.

To cover rising fuel costs, Chinese domestic airlines have raised fuel surcharges five times in a row this year. Since the beginning of this year, fuel surcharges on domestic routes have risen from 0 yuan to a record 200 yuan in just six months. Since resuming the collection of fuel surcharges for domestic routes in February this year, fuel surcharges have risen from an initial 10/20 yuan to 100/200 yuan in just six months, a full 10-fold increase.

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