British Airways is understood to be looking at raising fares following a hit caused by a spike in jet fuel costs
Costs are up for airlines across the world
British Airways (BA) has released a statement to passengers concerning possible price rises. The UK’s flag carrier airline shared the announcement across its social media platforms.
In a post titled ‘The British Airways Holidays Promise’, it emphasised that existing customers would not face an increase in their holiday costs if they had already made a booking, even if the airline’s operating expenses rose.
The price of aviation fuel has roughly doubled since the commencement of US-Israeli strikes on Iran in late February. It continues to remain elevated, despite a lull in hostilities and speculation about an end to the conflict.
It confirmed that the ‘cost of your holiday won’t change once you’ve booked your trip’. The full statement declared: “Book with confidence, whatever’s happening in the world.
“The price you book is the price you pay. Once you’ve booked your flight or holiday package, the price you’ve paid is locked in and won’t change, even if our costs increase later.
“You can secure your holiday with a low deposit now and spread the agreed cost over time. The cost of your holiday won’t change once you’ve secured your trip.
“When you book a package with British Airways Holidays, we offer you a dedicated helpline, 24/7, in case you need assistance during your trip. All packages booked in the UK with British Airways Holidays are ATOL protected, giving you peace of mind from the moment you book and while you’re away.
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“If your flight is cancelled, as part of a British Airways Holidays package or flight only booking, we’ll always offer you the option to rebook onto another flight or to accept a full refund under UK and EU Regulations. Your holiday is protected, so you can focus on looking forward to it.”
This follows confirmation that BA’s charges are set to increase as the airline attempts to recoup some of its financial losses. The Guardian reports the carrier has taken a €2bn (£1.7bn) hit to its finances due to soaring jet fuel costs.
The International Airlines Group (IAG) revealed its annual fuel bill is now projected to reach around €9bn, up sharply from the previously forecast €7.1bn. The group anticipates recovering roughly 60 per cent of the €2bn shortfall through ‘revenue and cost management actions’, with BA expected to shoulder the majority of the fare hikes.