Few companies have enjoyed as dramatic a turnaround as Singapore Airlines Limited (SGX: C6L), or SIA. Why Singapore Airlines Has Recovered So StronglyDemand is not the problem. Risk #1: Rising Fuel PricesJet fuel is SIA's single biggest cost, and the Middle East conflict sent prices surging. Fuel cost before hedging more than doubled to S$2.6 billion. Hedging helped – SIA booked a S$376 million hedging gain.