Report: Airlines face fuel cost spike

LONDON, Jan. 5 (UPI) -- Aviation analysts say other airlines likely will follow United Airlines' lead in raising ticket prices to offset soaring fuel costs.

United announced price hikes Friday as oil prices topped $100 a barrel, increasing the cost of jet fuel, The Times of London reported Saturday.

United competitors British Airways and Virgin Atlantic raised their fuel surcharge late last year and oil prices have continued to rise since, the Times reported.

British Airways confirmed Friday it had bought only 50 percent of its fuel for the first quarter of 2008, at an average price of $76 per barrel, and 40 percent of its fuel for the second quarter.

Dubai-based carrier Emirates had bought 40 percent of its fuel for 2008 while Ryanair, Europe's largest airline, had bought only 10 percent of its fuel before prices topped $100 a barrel, the Times reported.