Two British airlines reduce fuel surcharge

LONDON, Dec. 17 (UPI) -- Two British airlines said Wednesday they would cut their fuel surcharge fees due to the falling price of oil and jet fuel.

British Airways and Virgin Atlantic both announced the reductions, with BA passengers likely to see prices go down between $23 and $31 on flights less than nine hours and $46 to $54 on longer flights, CNN reported.

BA cut its fuel charges in October as crude oil has dropped steadily from a peak of $147.27 per barrel in July to a current price around $50 per barrel.

The airline said its hedging contracts, with which it locks in future prices for jet fuel by contract, had helped it afford a surcharge reduction.