Cheaper jet fuel benefits travelers
THE 50 percent slash in jet fuel prices in the first nine months this year has resulted to a cheaper and highly discounted tickets to domestic as well as international destinations, an opposition lawmaker said yesterday.
House Deputy Minority Leader and Liquefied Petroleum Gas Marketers Association (LPG-MA) Party-list Rep. Arnel Ty said the seeming Christmas ‘airfare war’ becomes a big blessing to Filipino air travelers, including overseas Filipino workers (OFWs) coming home for the holidays.
“There’s no question Filipino air passengers are now feeling the great benefit of cheaper jet fuel prices,” said Ty, explaining that the average $67 per barrel aviation fuel from January to September this year, down 44 from $120 per barrel in 2014, has been helping many people.
Both Cebu Pacific Air and Philippine Airlines (PAL) reported a 22-percent drop in their fuel costs from January to September this year.
In its latest promotion, Cebu Pacific Air is offering domestic tickets as low as P1,088, and tickets averaging P5,554 to Guam, Bali, Nagoya, Osaka, Tokyo and Fukuoka.
Meanwhile, PAL is offering up to 40 percent off on round-trip tickets to Manila from Shanghai, Beijing, Hong Kong, Macau, Taipei, Xiamen, Quanzhou and Guangzhou.
Buoyed by declining fuel costs, Cebu Air Inc., operator of Cebu Pacific Air, reported a net profit of P3.555 billion on gross revenue of P42.325 billion from January to September this year.
PAL Holdings Inc. reported a net profit of P6.108 billion on gross revenue of P83.989 billion from January to September this year.