They say that a rising tide lifts all boats. The same can be said about air fares when that tide happens to be in the form of surcharges. The cost of fuel has airlines bracing for another rough period, but this is one wave the airlines intend on riding out – thanks to higher fares.

Australia's Qantas Airways is raising its fuel surcharges on tickets for the second time in as many months while Singapore Airlines will be implementing its third increase since December as the price of a barrel of oil hovers over the US$100 mark. The International Air Transport Association (IATA) warns that when oil reaches $120 a barrel, airline profits could start turning into losses. This is exactly what Cathay Pacific Airlines has warned about after announcing a record profit for 2010. Since the beginning of 2011, the airline's shares have fallen 12 percent amid rising costs. This percentage is exactly the increase that Qantas has seen it its fuel costs since February. It seems the likeliest way airlines will be able to offset these increases is by raising fares and surcharges.

Qantas plans to increase surcharges between A$30 to A$45 per ticket (rates in US dollars currently equal AUD), with the biggest increase on flights to Europe, according to the airline. Virgin Blue is eyeing the moves by Qantas and is likely to follow suit. Across the Tasman Sea, Air New Zealand is raising long-haul fares by 7 percent and Australia fares by 8 percent.

Fare hikes and surcharge increases have already been announced in the U.S. as Delta Air Lines and JetBlue Airways, along with several other airlines, have raised fares multiple times. Even perennial low-fare leader Southwest Airlines has implemented modest fare increases that have been matched or exceeded by other carriers. Southwest does not charge for changing tickets or for the first two checked bags and it does not add a fuel surcharge to its prices. Elsewhere in North America, Air Canada has increased fares by US$10 on all its flights within the continent.

The last time that fuel prices spiked and then eased, many airlines were slow to reduce or eliminate the fuel surcharges. In the wake of added fees and higher fares, it will be noteworthy to see if they act differently (meaning more quickly) if and when that time comes again.

Update: As of 14 March, Virgin Blue has raised fuel surcharges by as much as $100 for a return international trip and fares by up to $10 for a one-way domestic flight.