Airlines slow cutting fuel levy
As oil prices continue to fall, Qantas and Virgin Blue are continuing to resist public and political pressure to cut their unpopular fuel surcharges, with the airlines saying yesterday they were waiting for more consistent fuel pricing to emerge before reviewing the surcharges.
The Australian Consumer Association, which has long opposed the surcharges because they believe that they border on misrepresenting fare prices, said it would expect the surcharges to come down as fuel prices fell, with ACA spokeswoman Ria Voorhaar saying, “It is something we are keeping our eyes on.” “We aren’t concerned at this stage because it takes some time for the price changes to flow through to the airlines.”
Earlier, Macquarie Bank’s stock market analysis arm upgraded its 2006-07 forecast for Qantas’s pretax profit by $140million to $1.008 billion on the back of falling fuel prices, that forecast includinf an assumption that Qantas will cut its fuel surcharge, at a cost of $50million.
Forward prices for Singapore Aviation fuel have fallen from $US82.76 to $US70.46 since Qantas forecast its profit in December.
Report by The Mole
John Alwyn-Jones
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