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June 13, 2008

MAS to raise fuel surcharge

Malaysia Airlines (MAS) is set to raise its fuel surcharge again, managing director and chief executive officer Idris Jala said Thursday.

"The increase will be on a route-by-route basis and will happen within two weeks. I can only say at this time that it will be high and in line with what our competitors are imposing," he said.

"Over the past year, we have increased our fuel surcharge five times in the light of the ever increasing fuel prices," he told reporters after the launch of MAS' Second Quality Assurance Conference and Business Assurance and Control Assessment (BACA) initiative here.

Idris said the entire airline industry was going through a crisis as result of rising fuel prices.

"If the oil prices stay at the current levels, a lot of airline companies could go bankrupt," he said.

On BACA, Idris said the initiative was aimed at strengthening the airline by introducing the best practices in corporate governance, adding that it is expected to be in place within the next two years as part of MAS' business transformation plan.

"We are implementing it in stages. It is something new for all of us. We will start at the headquarters first," he said.

MAS chairman Dr Munir Majib said with BACA, the airline aimed to also strengthen its risk control culture.

"BACA calls for us to consistently assess our internal controls. We need to move from a traditional approach where auditors evaluate the effectiveness of controls to a point where we own, manage and assess it ourselves," he said.

"We must ensure that these controls meet the most rigorous regulatory requirements," he added.

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