Cathay Pacific is paying higher average fuel price now than in 2008

Cathay Pacific CEO John Slosar, in the CX World Magazine May-2012 edition, stated (May-2012) the most pressing factor at present is the persistently high price of jet fuel. "The simple fact is that fuel prices have been at crippling highs for more than 12 months now. True, we haven't seen the USD147-a-barrel spike we saw in 2008, but then the price went back down quite quickly. Even though prices dipped a little at the beginning of this month, the average price we're paying now is higher than it was in 2008 and fuel costs are forming a higher proportion of our total costs than ever before". [more - original PR]