Inflation rose to over nine-month high at 5.11 per cent for the week ended March 1, due to rise in prices of some manufactured items and aviation turbine fuel, dashing all hopes of interest rate cuts by the RBI to boost the sagging industrial production.The Wholesale Price Index-based Inflation rate stood at 5.02 per cent in the previous week and 6.51 per cent in the correspondingly week a year earlier.
The domestic aviation industry is expected to report a net loss of Rs 25,000-26,000 crore this fiscal with elevated jet fuel prices and fare caps continuing to pose a major challenge for the airlines' profitability, domestic rating agency ICRA Ltd said on Thursday. The domestic airlines, however, are likely to post a reduced net loss of Rs 14,000-16,000 crore in the next financial year on the back of a "notable recovery" in air passenger traffic and lower level of debt, ICRA said. The ratings agency also estimates that the industry will require an additional funding in the range of Rs 20,000-22,000 crore during FY22-FY24.
The government on Tuesday increased the windfall profit tax on crude oil produced in the country and reduced the levy on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800 per tonne from Rs 9,050 a tonne, according to an official notification. SAED on the export of diesel was reduced to Rs 2 per litre from Rs 4 a litre and on jet fuel or ATF to nil from Rs 1, the notification said.
Inflation increased to 3.11 per cent for the week ended November 3, compared to 2.97 per cent a week ago, mainly due to rise in prices of food items, petroleum products and manufactured articles.
In a bid to offset a major increase in the price of aviation turbine fuel, Indian Airlines on Saturday announced an across the board 12 per cent hike in fares with effect from April 15.
The airfare hike will come into effect from October 14.
Domestic airlines expect the fall in prices of aviation fuel to boost their earnings from the quarter ending December.
IOC, BPCL and HPCL on Thursday afternoon stopped ATF supplies to Air India at six airports - Kochi, Pune, Patna, Ranchi, Vizag and Mohali - over payment defaults. AI flights from these places were tanking up from other airports.
India needs a host of low-cost carriers, like in other countries, to enable more people to fly, global consulting firm A T Kearney said on Friday.
Observing that the Indian aviation industry was passing through a 'fragile and delicate moment', he said some airlines could go bust in the coming few months if 'structural changes are not carried out expeditiously'. As many as 25 carriers worldwide have folded up operations in the past several months due to huge losses, the latest being Italian national carrier Alitalia, leading to over 100,000 jobs in the aviation sector being lost.
'This was textbook emergency response under stress.'
Iraq war to hurt Indian airline industry.With war clouds looming large over Iraq, the Indian airline industry is bracing itself against an increase in insurance premium and an additional burden of an estimated 25 per cent hike in ATF.
Following on the footsteps of Indian Airlines, two leading private carriers Jet Airways and Air Sahara on Monday announced increase in fares in all sectors by 12 per cent from April 15.
Aviation turbine fuel or jet fuel price was on Wednesday hiked by a steep 9.2 per cent, while that of non-subsidised cooking gas was raised by Rs 21 per cylinder.
Indian Airlines on Wednesday announced a 10 per cent hike in air travel on all domestic sectors with effect from June 21 citing the continuous increase in prices of aviation turbine fuel.
Jet fuel prices on Wednesday were hiked by over 18 per cent -- the steepest ever increase -- to all-time high levels after international oil price surged to a multi-year high.
Aviation Turbine Fuel, or ATF, price at Delhi was cut by Rs 3,025.34 per kilolitre, or 4 per cent, to Rs 71,800.21 per kl, according to Indian Oil Corp, the nation's largest fuel retailer.
Reliance Industries will export about 8-9 million tonnes of petroleum products or 33 per cent of Jamnagar refinery production this fiscal.
Mirroring the state of Indian economy, petroleum product consumption rose 1.8 per cent to 82.48 million tonnes in the first 11 months of the current fiscal as opposed to 81.05 million tonnes sales in the same period last year.
IA may be hurt badly in case of a US attack on Iraq, which would lead to a massive increase in insurance premium and an additional burden of an estimated 25% hike in ATF prices.
Domestic airlines on Thursday welcomed the 12.5 per cent cut in jet fuel prices, terming it as a much-needed relief but ruled out any immediate reduction in fares.
The cost of non-subsidised LPG -- the one that consumers buy after exhausting their quota of 12 bottles of 14.2-kg at below market price -- has been cut by Rs 100.5 to Rs 637.
Passengers travelling by the nation's airliners could now have to pay increased fares as the country's oil majors have decided to hike aviation turbine fuel (ATF) prices by 8 per cent to a maximum of Rs 2,525.43 per kilolitre.
'The AAIB will collect every single retrievable piece of the aircraft and transport it to a secure location -- usually a large hangar capable of housing a Boeing 787.' 'The entire aircraft will be laid out, each part marked and tagged, and practically rebuilt like a jigsaw puzzle.'
FIA is a body of four established domestic private airlines -- Jet Airways, IndiGo, SpiceJet and GoAir.
While LPG price was raised by Rs 18, kerosene saw a hike of Rs 3 per litre
Adani Group has commissioned India's first off-grid 5 megawatt green hydrogen pilot plant in Kutch, Gujarat, the conglomerate said.
The government has raised the windfall profit tax levied on domestically produced crude oil as well as on the export of diesel and ATF, in line with firming international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been increased to Rs 2,100 per tonne from Rs 1,700 per tonne, the order dated January 2, said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF).
Jet fuel (ATF) price on Tuesday was hiked by 4.2 per cent but that of commercial LPG used in non-residential establishments such as hotels and restaurants was cut by Rs 115.5 per 19-kg cylinder reflecting global energy trends. Aviation turbine fuel (ATF) price was hiked by Rs 4,842.37 per kilolitre, or 4.19 per cent, to Rs 120,362.64 per kl in the national capital, according to a price notification of state-owned fuel retailers. This reverses a 4.5 per cent cut in jet fuel prices affected last month.
'...from the recovered part of the throttle quadrant -- the control panel that manages engine power -- it is hard to say at this stage if the locking mechanism was damaged in any way.'
Jet fuel (ATF) prices have been hiked by a steep 6.9 per cent, taking the rates to lifetime high of Rs 75,031 per kilolitre.
Jet fuel prices on Saturday were hiked by a marginal 0.2 per cent -- the eighth straight increase this year -- to an all-time high, reflecting a surge in global energy prices. The price of aviation turbine fuel (ATF) -- the fuel that helps aeroplanes fly -- was hiked by Rs 277.5 per kilolitre, or 0.2 per cent, to Rs 113,202.33 per kl (Rs 113.2 per litre) in the national capital, according to a price notification of state-owned fuel retailers. Meanwhile, petrol and diesel prices remained unchanged for the 10th straight day after rising by a record Rs 10 per litre each.
5 commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of GST's purview given the revenue dependence of state governments on these sectors.
Indian carriers are expected to double their fleet size by 2020 to 1,000 aircraft by 2020, promising a huge opportunity for the maintenance, repair and overhaul business.
In the termination letters, RIL mentioned that the business has been impacted by the slowdown and the company was not in a position to continue with their employment. Employees who would resign will get one month's salary as compensation. When contacted, an RIL spokesperson declined to comment on the development.
'The switch can't be shut off by an accidental brush of the hand, but needs effort, conscious physical action to operate it.' 'Was it the software of the aeroplane that caused the switch to turn off?' 'Was it the hardware of the aeroplane?' 'Was it both software and hardware put together?'
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