© Reuters. FILE PHOTO: Qantas planes are seen at Kingsford Smith International Airport in Sydney, Australia, March 18, 2020. REUTERS/Loren Elliott/File Photo/File Photo

(Reuters) – Australia’s Qantas Airways Ltd said on Thursday it needs to “rebalance” capacity and airfares to cover the cost of surging fuel prices, cutting its domestic capacity by a few basis points.

Qantas said domestic flying levels for July and August have been lowered from 107% of pre-COVID-19 levels to 103% but it did not provide further clarity on fares, adding that the adjustments were not expected to materially impact customers.

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