The Indian government has established a 100 billion rupee ($1.05 billion) fuel stabilization fund, effective immediately, to mitigate the impact of escalating costs on airlines due to the ongoing Iran conflict.
The Indian government has established a 100 billion rupee ($1.05 billion) fund to mitigate the impact of escalating fuel expenses on the airline industry, which is struggling due to the Iran conflict's economic repercussions.
Related ↗British companies halt recruitment amid Iran conflict impact, REC research indicates.Oil marketing companies will receive interest-free advances from the government, enabling them to offset under-recoveries resulting from the disparity between market-based jet fuel prices and subsidized airline rates.
Protecting domestic and international air connectivity is a key objective of this crucial government initiative.
Read next ↗Tate & Lyle accepts a £2.7 billion all-cash acquisition from Ingredion.India's largest carrier, IndiGo (INGL.NS), saw its shares rebound with a gain of 1% in trading.
Rising jet fuel prices are putting immense pressure on the global airline industry, with costs reaching as high as 40% of operational expenses.
India's largest carrier, IndiGo (INGL.NS),saw its shares rebound with a gain of 1% in trading.
