Happier South Koreans head to overseas with cheaper airfares

South Koreans are a happier lot these days. Prominent South Korea-based airlines have decided to lower fuel surcharge significantly on flight tickets because of the plummeting oil prices worldwide. As a result South Koreans have decided to make the most of cheap airfares and visit foreign destinations in a big way.

Media reports recently said that South Korea’s leading carriers Korean Air and Asiana Airlines have cut fuel surcharges and are likely to make further cuts in February 2015 as well. The reports said that crude oil prices have drastically reduced and in recent months have more than halved.

The reports said that these two largest carriers in South Korea have now set $15 as fuel surcharge for flights heading to the United States for February. A year ago the customers had to pay $165 as fuel surcharge. During January 2015 this came down to $58, and now it has declined even more and is set at $15 for February this year. The reports further said that the fuel surcharge for flights to Europe and Africa has also been set at $15, down from $56.

According to travel experts, the lowering of fuel surcharge will boost the demand for air travel to foreign destinations by 28 percent y-o-y to about 250,000 people. The month of February is likely to see a rise in travel demand by 22 percent y-o-y to nearly 154,000 people. Apart from the U.S. and Europe, South Koreans are heading to Vietnam, Cambodia, Thailand and Japan as well.