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July 16, 2008

Malaysian Airlines may incur $625mn more if oil price hits $170

Malaysian Airline (MAS) says it will incur an extra RM2 billion ($625 million) in fuel cost if oil price shoots up to $170 per barrel this year.

There will be an additional 2 billion ringgit from the 4.3 billion ringgit allocated last year for the airline's fuel cost if the fuel price increases, its managing director and chief executive officer, Idris Jala said Tuesday.

"It is very tough. It is not just affecting us. It is affecting every airline.

"I believe this is the single most difficult time in our corporate history and we have to stay focused," he told reporters after the launching of Living Malaysian Hospitality Employee Advocate Blog in Kuala Lumpur.

He said that MAS will consider revising its fuel surcharge when the fuel price declines between $50 and $70 per barrel.

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