Australia's Qantas said today that it would raise its fuel surcharge on international flights for the first time in three years as it tries to compensate for the impact of rising oil prices.
The move comes as crude prices continue to rise thanks to improving confidence in the global economy and violence in Egypt, with the airline predicting the cost of the black gold will advance further this year.
The Australian flag carrier said it would raise the charge on a one-way flight to Europe by between $20 and $50 from February 19, adding that it could not rule out further increases later on.
'Year-to-date average prices for both West Texas intermediate crude oil and Singapore jet fuel are at their highest since financial year 2008, and second-half financial year 2011 prices are forecast to be around 20% higher than in the first half,' chief executive Alan Joyce said.
Qantas said the price of jet fuel had risen from $88 a barrel in September to $117 now.
The surcharge increase is the first since January 2008, around the time crude prices first broke the $100 mark, and follows similar moves by Singapore Airlines and British Airways.
