Financial Daily from THE HINDU group of publications
Monday, Apr 01, 2002
Financial Daily from THE HINDU group of publications Monday, Apr 01, 2002 |
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Logistics
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Airlines BAWC launches fuel index Our Bureau
BRITISH Airways World Cargo (BAWC) has announced the introduction of a new fuel index to provide customers with more information about the calculation of the fuel surcharge. BAWC, according to informed sources, hopes to offer its customers clarity on the fuel surcharge pricing structure which, a BAWC customer research suggests, is important and useful. The BAWC fuel index is based on the average price of the aviation fuel in four key spot markets — Singapore, North-Western Europe, Los Angeles and the US Gulf. These averages are monitored against a fixed base of $0.513 per US gallon, equal to index 100, and on the basis of this the weekly fuel price index will be published. The fuel surcharge will be determined when the index reaches a specific trigger point with the index having to remain at a trigger point for two consecutive weeks before the surcharge is adjusted. A new surcharge, once imposed, will remain in force until another trigger point is reached. BAWC is to give two weeks' notice for any change in the fuel surcharge, the sources add.
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