El Al Israel Airlines said on Monday it will raise its fares and fuel surcharges from May 1 due to the sharp increase in the price of jet fuel.

Fares will rise by an average of 6.5 percent, the airline said. In addition, it will increase its fuel surcharge by USD$40 per flight segment for long-distance routes, USD$20 for medium-haul routes and USD$15 for short distances.

El Al said that with the price of oil at USD$117 a barrel, fuel now comprises 60 percent of the costs for a long-haul flight, compared with 40 percent two years ago.

In March El Al raised its fuel surcharge by between USD$12 and USD$33 after increasing fares by 3.5 percent and fuel surcharges by USD$5 to USD$16 in February.

The airline had raised fares by 4 percent at the start of 2008 to compensate for the weak dollar against the shekel.