The PVE estimates provided by fitqtl is just a transformation of the LOD score, and only account for a single QTL at a time.
I wouldn't put much trust in the estimates, and certainly the total percent variance explained can't be more than 100%.
As stated in the help file for fitqtl:
The estimated percent variances explained for the QTL are simply transformations of the conditional LOD scores by the formula h2=1−10^[−(2/n)LOD]. While these may be reasonable for unlinked, additive QTL, they can be completely wrong in the case of linked QTL, but we don't currently have any alternative.
karl