P.M. BRIEFING : Airlines to Confer on Fare Hikes as Fuel Costs Continue to Soar
Major airlines will meet next week to discuss international passenger fare hikes in response to soaring fuel prices caused by the Persian Gulf crisis, an industry association said today.
Thirty to 40 major world carriers are expected at the three-day emergency conference starting Wednesday in Geneva, the International Air Transport Assn. said.
Representatives will seek to set a new common fare policy seen as reasonable enough to gain quick approval by governments, IATA officials said.
Industry sources said higher international fares are likely to start Oct. 1 at the latest. One source said fares could rise 10%.
Insurance costs are also to be discussed at the meeting. Insurance premiums for Middle East flights have jumped as tension rose in the region.
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