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RBA Ticket Fares Nosedive With Slashed Oil Prices
By Azlan Othman

Bandar Seri Begawan - The sharp global economic downturn that has slashed the world's demand for energy has led the price of crude oil to collapse by about 75 per cent since hitting records high above 147 dollars per barrel in July.

Royal Brunei Airlines also announced that lower fuel surcharges will be levied on all tickets issued on and after Saturday, December 27, 2008 on RBA flights departing from Bandar Seri Begawan.

This is in line with RBA's previous statement that the airline will review the surcharges if the price of jet fuel maintains at a lower average.

"The reduced surcharges and RBA's online Bluesky fares offer our passengers attractive value for money travel options to a variety of exciting destinations," said Senior Vice President Commercial — Sales & Marketing Wong Peng Hoon.

The updated list of surcharges from Brunei are Kota Kinabalu and Kuching — B$20 per sector; Singapore, Kuala Lumpur, Manila, Jakarta, Surabaya and Ho Chi Minh City — B$45 per sector.

Meanwhile for Bangkok and Hong Kong, it is B$60

per sector; Perth and Brisbane. Brisbane to Auckland — B$95 per sector, Auckland — B$135 per sector; Dubai. Dubai to London — B$115 per sector, Jeddah — $135 per sector and London — B$160 per sector.

AFP reported that World oil prices rebounded in Asian trade on Friday after tumbling to a four-year low before the Christmas break, with economic gloom weighing on the market, according to analysts.

New York's main contract, light sweet crude for February delivery, rose 93 cents to 36.28 dollars a barrel after closing down 3.63 dollars at 35.35 in US trade on Wednesday.

Brent North Sea crude for February delivery rose 1.04 dollars to 37.65 dollars. In London the contract settled on Wednesday 3.75 dollars lower at 36.61 dollars, its lowest since July 2004.

Oil markets are pricing in a continued decline in economic activity despite efforts by governments around the world to stimulate activity, MF Global energy analyst John Kilduff said

"The energy markets appear as unappreciative of the stimulus efforts as any of the other markets and the pricing in of doom and glooms are producing price levels that transcend reality," he said. "Obviously we haven't reached the ultimate end point yet."

The Organisation of the Petroleum Exporting Countries (OPEC), which produces about 40 per cent of the world's crude, agreed last week to cut output by 2.2 million barrels per day to shore up the market. Prices have continued to slide despite OPEC's announcement. -- Courtesy of Borneo Bulletin

Related News: RBA Reduces Fuel Surcharge

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