Competing against EK is a very difficult task due to their ability to buy their fuel at an advantageous price when operating out of or through DXB.
Fair point to a degree Fin, though the price of Jet A-1 in Mideast Gulf is typically only 3-5% cheaper than NW Europe.
Argus Global Markets average price 4th Quarter 2010:
Mideast Gulf: $761/ton
NW Europe: $788/ton
An interesting figure for BASSA members to chew over when contemplating further action is the 7-10th Feb price (the last one I've got access to):
Mideast Gulf: $901/ton
NW Europe: $939/ton
I recall BASSA bleating in the early stages of this dispute about BA's fuel hedging strategy costing the company millions in a year when prices fell. Have they anything to say on the subject now?