AirAsia X CEO Bo Lingam says the Malaysian budget carrier has cut fares by 5 percent since June 15, and will continue adjusting its pricing week by week as jet fuel costs fall.
Lingam said the signing of the US-Iran memorandum of understanding had brought welcome relief to the aviation industry, with fuel prices retreating sharply from their March highs.
“The industry has been really affected by the rise in fuel prices. Hopefully, everything in the Middle East stays as it is today,” he told reporters.
Singapore jet fuel was trading at about $112 a barrel on Friday, well below the March 30 peak of $242, though still significantly above the pre-conflict price of about $80 a barrel.
“Week by week, as fuel prices go down, we will also be revising our fares,” Lingam said.
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