Virgin Australia to adjust fares to reflect cost pressures

March 20 (Reuters) - Virgin ‌Australia is ​adjusting ​fares as rising costs across the aviation sector are "exacerbated by the situation ‌in the Middle East", the Australian carrier ⁠said in a statement to Reuters on Friday.

Here ‌are some details :

* The ‌airline said on Friday costs across the aviationsector continue to rise, now significantly exacerbated ​by thesituation in the Middle East. * Shares of the company closed 5% lower after ⁠dropping asmuch as 6.2% to their record low level of ​A$2.42 during thesession. * The company's stock has shed 22% since the start of ​theMiddle East conflict in ‌February end. * The airline said its services operated by Qatar Airwaysremain ⁠impacted by the Middle East situation, with servicescancelled up to and including at least Saturday, 28 ⁠March 2026,its website showed. * Virgin Australia in February said ​it was hedging 85% offuel and 94% of foreign exchange for the second half of itsfinancial year. * Virgin, ‌in its first half results in February, highlightedthat cost pressures persist ‌across the industry, with costsgrowing above inflation ⁠in several areas of ‌the aviation supplychain, ​including airport charges and maintenance.

(Reporting by Sherin Sunny in Bengaluru; Editing by Nivedita ‌Bhattacharjee)

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