El Al Israel Airlines Ltd. (TASE: ELAL) is raising fares as the price of oil rises. In a statement today, El Al said, "Due to geopolitical factors that have caused a rise in the price of crude oil, El Al has been forced to raise fares beginning on February 20."
El Al said that tickets purchased by February 19 will cost current prices.
According to the new price list, economy class fares for short and mid-haul destinations will be raised by $13, and fares for long-haul destinations will be raised by $10.
"The latest geopolitical developments have affected the price of jet fuel, which has reached a peak. This trend forces us to adjust to the new prices, and raise fares, as all airlines have done. However, we are working hard to continue to offer a range of attractive prices to our customers," said El Al.
El Al's share price rose 0.8% in morning trading today to NIS 0.60, giving a market cap of NIS 295 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 13, 2012
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