Assuming what was posted here earlier about the collar is...

Assuming what was posted here earlier about the collar is correct (that VBA's fuel prices are hedged using options, capping the oil price at a maximum $112 with a $6 million benefit for each dollar drop to about $90) VBA will see much less of a benefit from oil prices below $90 (given they're not fully hedged there will be some benefit).

Also depending on the hedge accounting treatment (which depends on how effective the hedge is) there may be a hit to the P&L for the half year to 31 December (though this would be mostly recouped by 30 June 2009).