The amusing aspect of such a levy is the fact that the fuel that QF is currently pumping in was purchased between 18 months and 3 years ago. QF (as with many other large airlines) have a very proactive fuel hedging team that pre-purchases fuel when the price is right as with any commodity. QF would not be using $USD 44/ barrel at the moment as Mr. Dixon alluded to (Anyway, when would they pay the market rate for fuel ?... I'm sure a 15 - 20 % discount on the $44 would be achieved pretty easily). Smoke and mirrors...