[THE INVESTOR] Major South Korean airlines announced they would not impose fuel surcharges on international passengers in the upcoming month on Aug. 16.

Local industry leader Korean Air and its local rival Asiana Airlines have not charged any fuel surcharges since September 2015, the longest streak since the surcharge system was introduced in July 2005.

Local airlines are allowed to impose a certain amount of fuel surcharges to help cover their costs when the average price of jet fuel from Singapore meets or exceeds US$1.50 per gallon.

The average price of Singaporean jet fuel stood at a little over $1.22 during a 30-day period that ended Aug. 15, they said.

Domestic passengers, on the other hand, will be asked to pay 1,100 won ($1) per flight in fuel surcharges, as the system allows domestic fuel surcharges when the price of jet fuel reaches over $1.20 per gallon.

Fuel surcharges for domestic flights have been kept at 1,100 won since July, following a five-month streak of no additional charges from February to June.

(theinvestor@heraldcorp.com)