Rising global oil prices prompt Korean Airline to implement cost-control measures and adjust operations
Korean Air has entered emergency management mode due to the rising cost of fuel in the world. Fuel accounts for about 30 percent of an airline’s total expenses, and if prices remain high for too long, expenses will increase and hypocrisy will occur.
The airline is checking fuel consumption to work out its costs, improving flight schedules, and even changing routes. Passengers have been told that flight times may change, and any new news will be given through official channels.
Korean Air said it is trying to minimize inconvenience to passengers, but flight schedules may still change. The airline also said any new information will be communicated promptly, such as via email, website and mobile messages.
Experts say that if fuel prices continue to rise, airlines may have to take further steps, such as lowering ticket prices or temporarily suspending some non-essential flights. It is difficult for airlines to stay afloat as the air travel sector has struggled to control fuel costs, as fuel has always been one of the biggest costs.
The emergency mode, which began on April 1, allows Korean Air to monitor fuel costs closely and quickly. Experts say the move is necessary to keep airlines afloat amid soaring global oil prices.
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