Indian Oil Corp, the nation's largest fuel retailer, positioned adequate stocks of all petroleum products -- petrol, diesel, kerosene and LPG in the state.
This is at least the ninth incident of technical malfunction on a SpiceJet aircraft in the last 40 days.
Jet fuel constitutes over 40 per cent of an airline's operating costs and the price increase will raise the financial burden on cash-strapped carriers.
Jet Airways, part-owned by Abu Dhabi's Etihad, reported its biggest-ever quarterly loss as costs jumped and it took a charge on its investment in a subsidiary.
The government has cut windfall profit tax on export of diesel and ATF to their lowest while also reducing the levy on domestically-produced crude in line with softening 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 cut to Rs 4,350 per tonne from Rs 5,050 per tonne, the order dated February 15 said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF).
'Boeing has returned some cash to the airline which will help it improve the current liquidity crisis.'
The company powered its ecoDemonstrator 787 flight test airplane on December 2 with a blend of 15 per cent green diesel and 85 per cent petroleum jet fuel in the left engine.
The two episodes on a single day have taken the total number of technical malfunction incidents involving SpiceJet aircraft to seven in the last 17 days.
SpiceJet said its freighter aircraft, which was heading to Chongqing in China, returned to Kolkata on Tuesday as the pilots realised after take off that its weather radar was not working.
In Mumbai, jet fuel will cost Rs 72,830.64 per kl from tomorrow as against Rs 68,103.26 per kl at present.
The government on Friday cut the windfall profit tax on locally produced crude oil in line with a fall in international rates, and reduced the levy on export of diesel and jet fuel (ATF). At the fifth fortnightly review, the government reduced tax on domestically-produced crude oil to Rs 10,500 per tonne from Rs 13,300 per tonne. The levy on the export of diesel was reduced to Rs 10 per litre from Rs 13.5. Also, the tax on Aviation Turbine Fuel (ATF) exports was cut to Rs 5 a litre from Rs 9 with effect from September 17, according to a finance ministry notification issued late Friday night.
Jet fuel constitutes roughly 40 per cent of the operating cost of an airline.
A tough initial lockdown was imposed beginning March 25 but dreams of a V-shaped recovery after it was eased in May have been obliterated by a surge in cases and new lockdowns.
The hike comes on back of two massive hikes effected on February 1 and 16.
Public sector oil companies on Sunday slashed jet fuel or Aviation Turbine Fuel prices by 3.7 per cent, the tenth reduction since September. ATF prices in Delhi were slashed to Rs 29,158 per kilolitre, effective midnight tonight, an official of Indian Oil Corporation, the nation's largest fuel retailer, said. The fuel used by airlines till today was priced at Rs 30,288 per kilolitre. After today's Rs 1,130 a kilolitre reduction, jet fuel is priced at early 2005 levels.
In India, the aviation industry contributes five per cent of gross domestic product, around Rs 291 crore (Rs 2.91 billion) in tax contributions, provides four million jobs and another seven million jobs through tourism and related activities.
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.
Aviation turbine fuel prices in Delhi were slashed by Rs 2,052 per kilolitre to Rs 27,106 per kl, effective midnight on Saturday, an official of Indian Oil Corporation, said. But for the one-off 3.3 per cent increase in rates on January 16, jet fuel prices are declining in tandem with the fall in international oil rates.
This is the third consecutive profitable quarter for SpiceJet.
Civil Aviation Minister Praful Patel said Indian airlines had suffered major losses in the past two years over the unprecedented rise in prices of aviation turbine fuel.
Reliance Industries Ltd on Friday reported an 11 per cent drop in its June quarter net profit largely due to weak oil-to-chemical (O2C) vertical and higher interest and depreciation cost. Net profit was Rs 16,011 crore, or Rs 23.66 per share, in April-June - the first quarter of current 2023-24 fiscal year - compared with Rs 17,955 crore, or Rs 26.54 a share, earning a year back, according to a company's stock exchange filing.
For the second time this month, state-run oil companies on Tuesday cut jet fuel prices to ease the burden on cash-strapped airlines. Aviation turbine fuel (ATF) prices in Delhi was reduced by Rs 649 or 1.6 per cent to Rs 39,319 per kilolitre, effective midnight tonight.
After three consecutive hikes, state-run oil companies on Thursday reduced jet fuel or ATF prices marginally by about one per cent in tandem with international rates for the same.Indian Oil, Bharat Petroleum and Hindustan Petroleum cut aviation turbine fuel (ATF) price by Rs 311 per kilolitre in Delhi to Rs 31,615 per kl with effect from midnight tonight, an IOC official said.
It is the seventh reduction in jet fuel rates since August
Falling jet fuel prices, stable rupee signal lower losses
Domestic airlines expect the fall in prices of aviation fuel to boost their earnings from the quarter ending December.
Jet Airways is looking to lease around 20 Airbus A320 aircraft from lessors by 2024 as it aims to restart operations and fly international routes in the next one-and-a-half years. Jet's A320 aircraft fleet, according to sources, will be a mix of the Ceo and the more fuel-efficient Neo variants. These planes were originally intended for Russian airlines but could not be delivered following western sanctions on Russia over its Ukraine invasion.
The sky outside was a perfect blue with fair winds on that hot day in July, but inside the Jaguar an emergency was unraveling with every passing second. Wing Commander Vernon Desmond Keane had two options: Eject and see his beloved aircraft crash -- which would come at a great cost to the nation and cause harm to civilian life and property on the ground. Or try the limits of his training; push the aircraft and his flying skills to the edge of technical and human endurance and save them both.
The government has cut windfall gains tax on domestically-produced crude oil to nil while continuing the rate at zero on the export of diesel and ATF. The government has slashed the special additional excise duty (SAED) on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) to nil from Rs 4,100 per tonne with effect from Tuesday, an official order dated May 15 said. This is the second time that the levy, which was introduced in July last year in the form of a cess to tax supernormal gains of oil producers and fuel exporters, has been cut to nil for domestically-produced oil.
Jet fuel or ATF prices in Delhi were slashed to Rs 30,288 per kilolitre, effective Saturday midnight, an official of Indian Oil Corp, the nation's largest fuel retailer, said. But for the 3.3 per cent increase in rates on January 16, jet fuel prices have been reduced for the ninth time on Saturday since September 1, 2008 when international crude oil prices started to decline.
Jet fuel price in Delhi was cut by Rs 974 per kilolitre or 2.5 per cent to Rs 37,982 per kl effective midnight on Monday, an official of the Indian Oil Corporation, said.
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said. India on July 1 joined a select league of nations globally that have taxed windfall gains accruing to oil companies from soaring energy prices. The government slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective July 1. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
ATF or jet fuel price has been cut marginally while rate of non-subsidised cooking gas LPG has been hiked by Rs 27.50 a cylinder.
'The present generation, either due to historical amnesia or political propaganda, has been fed a narrative that paints India as an adversary rather than an ally.'
Strong passenger growth will help domestic airlines improve their top line and margins.
India's athletes are being told that plenty of shut-eye could be the foundation for Olympic success and the team has roped in sleep therapist Monika Sharma to keep them at their sharpest in Paris.
The aviation turbine fuel (ATF) prices have been raised by Rs 2,750 per kilolitre effective midnight tonight, Indian Oil Corporation (IOC).
SpiceJet has failed to 'establish safe, efficient and reliable air services' under the terms of Rule 134 and Schedule XI of the Aircraft Rules, 1937, the notice issued by the DGCA stated.
Jet Airways Ltd said on Friday it made a profit in the June quarter compared to a loss in the year-ago period, helped by a drop in fuel expenses.
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