US reports are now predicting the oil benchmark may sag into the USD 30s band in coming days, making the continued imposition of fuel levies by airlines even more untenable than it has been since early November. This morning it was USD 43.52, weakening from a high of USD 45.26.
Keep in mind that our airlines not only hedge fuel but currency. These processes are masked by layers of commercial confidentiality, but the end result, ripping off the public, is not.
The silence from the Australian carriers and the ACCC continues. It is like watching a robbery taking place in broad daylight in the middle of a crowded public place while the police cars drive slowly by doing nothing.