03 Feb '11, 5am

Qantas will increase international fares by US$20 to US$50 this month due to a sharp increase in jet fuel prices.

ADELAIDE (Australia) - AUSTRALIA'S national airline will increase international fares by US$20 (S$25.47) to US$50 this month due to a sharp increase in jet fuel prices. Qantas CEO Alan Joyce said in a statement Thursday that prices were at their highest since 2008 and Qantas had held off raising fuel surcharges for as long as possible. 'Even with a conservative but robust fuel hedging policy, our business will continue to be exposed to this significant cost increase,' Mr Joyce said. 'Qantas surcharges will not fully recover this additional cost, and we cannot rule out further changes in the future.' He said average prices for both West Texas Intermediate crude oil and Singapore jet fuel were at their highest since the airline's 2008 financial year, and second half 2011 prices were expected to be 20 per cent higher than in the first half of the financial year. The new surch...

Full article: http://www.straitstimes.com/BreakingNews/World/Story/STIS...

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