Airlines in Asia hike fares; SpiceJet founder warns jet fuel price ‘unsustainable’

TOKYO: Airlines in the Asia-Pacific region, including Qantas, Air India and Cathay Pacific, have hiked fares—or will soon—to factor in surging jet fuel prices spurred by war in the Mideast. The average world price of aviation fuel reached $173.91 a barrel on Monday, according to the benchmark Platts index, nearly double the levels of January and well above crude oil. This is explained by refining costs, but also by the fact that kerosene is a lower priority than petrol or diesel, according to the International Air Transport Association (IATA). War in the Mideast has choked trade in the Strait of…