Go, go, go while you can! Airfares are set to rise in response to the surge in oil prices.

If you’ve been thinking about taking your dream holiday this summer, don’t delay. Leisure traffic has fallen due to factors such as the Japanese tsunami and political instability in the Middle East, but whereas this would normally mean carriers reducing fares and giving discounts to get people flying again, the steep rise in fuel costs will likely mean a price hike of around 8%, reports the Daily Telegraph.

The price of jet fuel has risen by 51 per cent over the past year, and with fuel forming 30 per cent of airlines’ operating costs, a rise is certainly on the cards, with the price of the cheapest current British Airways return ticket to Madrid increasing from £138 to £149.05, and the cheapest return to Orlando from £472 to £509.76. In Britain, Air Passenger Duty is set to rise in line with inflation in November, adding more to the price of your plane ticket.

But let’s think positive: this may be a blip in cheap air travel but you’ll apparently still be paying half what it would have cost you back in the 1970s. And one piece of good news for the airlines is the recovery in business class traffic, which has risen by nearly six per cent.

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