Changes in fuel prices result in fluctuating costs for the transport industry, necessitating a variable fuel surcharge which may rise, fall or be removed, in line with movements in fuel prices.
The fuel surcharge for international IEX Express, IEX Economy and IEX Import services will be based on the monthly average spot price for Singapore kerosene-type jet fuel.
There will be a one month lag in the application of the index. For example, the monthly average price for fuel in January is used to determine the applicable surcharge for December. This is due to the release dates of the spot pricing data.