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Qantas to Increase Int. Fuel Surcharges

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Qantas is planning to increase its international fuel surcharges in response to the rising oil and jet fuel prices. The changes will apply to tickets issued on or after 19 February 2011.

The new fuel surcharges (A$ one way ex-Australia) will be:

- UK and Europe New $145 Previously $95
- Mainland USA, Canada, South America, South Africa and India New $115 Previously $85
- Asia, Pacific, Honolulu New $75 Previously $55

"Year to date average prices for both West Texas Intermediate Crude Oil and Singapore Jet Fuel are at their highest since FY08, and second half FY11 prices are forecast to be around 20% higher than in the first half," said Qantas Chief Executive Officer, Mr Alan Joyce. "The price of Singapore Jet Fuel, for example, has increased from an average of US$88 a barrel in September 2010, to US$110 a barrel in January 2011, and is US$117 a barrel today."

Qantas has hedged 66% of its remaining fuel requirement in FY11 at a worst-case crude oil price of US$93.06 per barrel, including option premium.

Qantas removed domestic and Tasman fuel surcharges in January 2009 but this is now also under review.

Qantas also said that Jetstar will not reintroduce fuel surcharges but will address the impact of higher fuel prices via adjustments to air fares in selected markets and increases in ancillary revenue, including baggage charges.

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