By Claire Ferris-Lay
News of Osama bin Laden’s death spurred biggest one-day drop in crude oil since 2009
Emirates Airline, the Arab world’s largest carrier, has removed
the fuel surcharge on all air fares with immediate effect, as the death of al
Qaeda leader Osama bin Laden sent oil prices tumbling.
Crude oil tumbled 17 percent on the news, with Thursday’s
8.6 percent plunge to $99.80 a barrel on the New York Mercantile Exchange marking
the biggest one-day drop since April 20, 2009.
“In line with the recent decrease in fuel prices Emirates
has removed its fuel surcharge on all tickets,” Tim Clark, president Emirates
Airline, said in an emailed statement on Sunday.
“We promised our customers from the outset that we would
eliminate the surcharge as soon as it was commercially viable and this has now
Oil surged in the past two months as violence swept through the
Middle East, disrupting 1.3 million barrels a day of supply from Libya and
raising concerns of shortages from the Gulf.
Brent crude hit a 32-month high in March, reaching more than
$127 a barrel. Fuel accounts for 43 percent of Emirates’ costs.
The Dubai government-owned carrier said in April it would
add fuel surcharges on some routes to combat rising oil prices, adding up to
AED520 to single air fares in first and business class.
Clark warned last week that surging oil prices would “bring
all of us to our knees,” and warned low-cost carriers could be the first
“Nothing can be sustained at this level so something has to
be done,” he said. “If by the end of the year we still have $130, $140 or $150
then watch this space.”
British Airways last month announced a third fuel surcharge
hike on long-haul flights.
Emirates will announce its results for the second half of
2010 on May 10. Despite a “tough” year, Clark said the airline had managed to
stay “on course”.
as of today I haven't seen prices back to before the fuel surcharge hike