Nikhil Ravishankar: Air New Zealand CEO on the impact of rising jet fuel prices on fares, plans to cut flights

Unprecedented jet fuel prices are set to cause extensive Air New Zealand flight cancellations, affecting tens of thousands of people.  The airline expects to consolidate 1,100 flights over the next six to eight weeks – impacting about 44 thousand passengers.  It expects to start notifying affected customers from today.  Chief Executive Nikhil Ravishankar told Mike Hosking at this stage, they're planning to cut frequencies, rather than entire routes.  He says they're in daily —if not hourly— contact with their fuel suppliers and working with the Government on a coordinated response.  They've already had to raise fares to help cover the rising costs, but Ravishankar told Hosking every airline is dealing with similar issues.  He says the airlines have the same or similar playbook for dealing with fuel price shocks like this.  LISTEN ABOVE See omnystudio.com/listener for privacy information.