JERUSALEM (VINnews) — Israel’s Competition Authority announced Sunday it intends to fine El Al NIS 121 million (about $35 million USD) after determining the airline charged “excessive and unfair” prices during the early months of the Gaza war.

The regulator said it plans to declare El Al a monopoly on inbound and outbound flights between Oct. 7, 2023, and May 2024, after many foreign airlines suspended service following the Hamas attack.

According to the authority, El Al’s market share rose from about 20% before Oct. 7 to more than 70% within days and remained above 50% during the first months of the war. During that period, average ticket prices increased by roughly 16%, with fare hikes ranging from 6% to 31% on major routes, the regulator said.

The authority argued that the price increases were excessive given the limited competition and heightened consumer demand during the conflict.

El Al rejected the findings, calling the pricing analysis flawed and unprecedented, and said it will present its case at a formal hearing before any final decision is made.