Turkish Airlines to lower fares as oil price declines

Turkey's national flag-carrier Turkish Airlines will offer lower ticket prices this year as oil price declines.

The chairman of the Turkish Airlines’ board Hamdi Topçu reported that fuel expenses have dropped to 34 percent of total costs from 38 percent because of the energy price drop. The price of a barrel of oil has gone from $115 per barrel in June 2014 to about $50 per barrel in January 2015.

Topcu said that the airline had already passed on a partial discount in the past two months, but that flying could get even cheaper this year, as will become clear to passengers during the summer season.

By the end of 2014, Turkish Airlines carried 56 million passengers, Topcu said, and now we are starting to make long-term planning for 2023. Turkish Airlines’ net income at the end of the 2014 was $17.5 billion, and the company is now Turkey’s second largest company in terms of income.
Source: AA