PARIS – Air France said Thursday it is removing its latest fuel surcharge – cutting ticket prices by as much as 14 euros ($20.22) – in response to the falling price of oil.

Air France said it is reacting to a “significant period” of falling oil prices.

Crude has dropped about $38 a barrel, or 26 percent, since surging to a record $147.27 a barrel on July 11, as a U.S. economic slowdown spreads overseas and curbs demand for petroleum products.

The airline said it is cutting the fee on domestic flights by 2 euros ($2.89) from Friday, reducing the fuel-linked extra charge to 19 euros ($27.44).

Medium-haul flights will be 4 euros ($5.78) cheaper and the cost for long-haul flights will fall between 10 euros ($14.44) and 14 euros ($20.22), the airline said.

When the airline announced the latest surcharge on July 8, it promised to withdraw it when the oil price stabilized below $125 (86.6 euros) a barrel.

The airline raised its fuel surcharges repeatedly in recent years as oil prices mounted. Thursday's announcement was the first time it has announced a cut in the surcharge.