British Airways said today it was cutting fuel surcharges on long-haul plane tickets by as much as a third because of tumbling oil prices which slash the cost of jet fuel.
'British Airways will drop its fuel surcharge by as much as a third on longhaul services from Thursday, December 18,' the arline said in a brief statement.
'The move reflects the reduction in the price of oil and the airline's fuel hedging policy for 2009/10,' it added.
Hedging is a practice of insuring against future price volatility by buying future deliveries at pre-determined prices.
World oil prices have slumped by about two-thirds in value since striking record high points of above $147 a barrel in July, as the market has been slammed by slowing global economic growth and weak energy demand.
