The Civil Aviation Administration of Vietnam (CAAV) has suggested to the Ministry of Transport the reduction of economy-class airfares on domestic routes.
The Civil Aviation Administration of Vietnam (CAAV) has suggested to theMinistry of Transport the reduction of economy-class airfares ondomestic routes.
Following CAAV's petition, which was basedon the substantial decrease in the price of commercial aviation fuel JetA1, airfares will be slashed from the current 5,000 VND (0.23 USD) to4,250 VND (0.20 USD) per km for every passenger.
According tothe Ministry of Finance's Decision 2967/QD-BTC, the maximum price foreconomy-class tickets on domestic air routes was calculated based on theprice of Jet A1, which was estimated to be sold at 130 USD per barrelwith zero percent import tax.
However, the price of Jet A1(including 7 percent import tax) was only 90.63 USD per barrel as ofDecember 2014. Therefore, the petrol costs dropped by 43.4 percentcompared with the maximum price considered in the ministry's decision.
The CAAV said that fuel costs account for approximately 39.5percent of the airline's overall costs. Hence, the airline's total costswill drop by 17 percent following the petrol price decline.-VNA
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