Although some airlines just last week raised costs on flights because of soaring fuel prices, the national flag carrier has no immediate plans to raise its costs to consumers.
Friday oil prices soared to $75 a barrel and was back down to $74.71 a barrel Monday morning.
‘It’s disturbing to see prices over $70 a barrel,’ said Cayman Airways’ Vice President of Sales and Marketing Richard Blake. ‘It’s something we are monitoring but we’d like to avoid increases in prices’.
As of the moment the airline is not filing any request for an increase and is simply hoping a little normalcy comes back into fuel prices, he said, adding that this is an area that is constantly being monitored by the airline.
‘You can’t immediately increase the fare because the price of oil shoots up,’ he said, ‘But if it looks as if the price is staying up there then there needs to be some consideration of it,’ he said.
He noted that most of the increases are by the longer haul carriers.
About a year ago Cayman Airways increased its fuel surcharge to $25 each way on international flights in line with similar aviation industry increases.
Low cost carrier Spirit Airlines announced last week a fare increase of $5 each way on its daily flight between Grand Cayman and Fort Lauderdale to reflect high fuel expenses.
British Airways last week raised its fuel surcharge by $10 each way to $65 for its trans-Atlantic surcharge for tickets sold in the US. It is understood a similar increase has been introduced on the Grand Cayman/London route, although there was no one available at the Grand Cayman BA office for confirmation or comment.
The airline announced the new surcharge as oil prices hit a new high of over $70 a barrel Tuesday amid international tension over Iran’s nuclear programme and worries about supply disruptions in Nigeria.