The airlines in India enters into 2019 with a positive note as aviation turbine fuel (ATF) price dropped by 14.7 per cent.
This is the second time state oil marketing companies slashed the price of Jet fuel since November 2008.
A kilolitre of ATF will now cost Rs 58,060 (0.83USD) in Delhi compared to Rs 68,050.(USD 0.97)
Second half of 2018, three major airlines, IndiGo, Jet Airways and SpiceJet collectively posted a loss of Rs 2,338 crore(USD 3.3m), as crude oil price surged 50 per cent on a year-on-year basis.
India’s domestic air traffic grew 19 per cent between January and November, much of it has come on the back of low fares.
Crude oil prices are on a decline over the last few weeks over supply glut. However, Boeing expects crude price to remain around $60 per barrel