Airline pricing is not cost plus. It's what the customers are prepared to pay. Many airlines are experiencing loads in excess of 80% something that was impossible in the 'golden days'. Combine that with supply and demand and you get the prices we are seeing.
Or would you prefer a return to the days of IATA airline fare and rate agreements made subject only to government approval?
Fuel surcharges and all other fare components are just part of the total. And it is the total that's important, not how they calculate it.