El Al Israel Airlines Ltd. (TASE: ELAL) is raising fares next week, due to the steady rise in the price of jet fuel. Fares on long-haul flights to North America, the Far East, and Africa will rise by $29 each way for economy class.
The higher fares will come into effect on March 20. Tickets purchased by March 19 will be at the current prices.
Fares on short-haul destinations to Europe will remain unchanged.
"Recent geopolitical developments continue to affect the price of jet fuel, which has reached new heights," says El Al in a statement. "This trend forces us to adjust to the new prices, and raise fares, as all airlines have done. However, we are working hard to continue to offer a range of attractive prices for our customers. All tickets issued by March 19 will benefit from the current prices."
El Al's share price rose 0.2% by midday to NIS 0.45, giving a market cap of NIS 235 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 15, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012