Well, if supply is also low, it could, but I don't think that's the case here.

You might have to think about this as a monopoly. If you're the only one providing the product, price doesn't exactly follow the supply and demand curve.

There's also irrational behavior to consider. I've noticed in certain countries, such as Thailand after the latest coup, supply might be higher than demand with products such as hotel rooms, so the seller actually raises the price to try to retain revenue.

There's a chance what's happening on this route is some combination of those last two points.