Aviation ministry looks for ways to slash jet fuel prices
NEW DELHI (Reuters) - The civil aviation ministry will try to convince the country's petroleum ministry next week to declare jet fuel as a "notified good," which would lead to exemption from high state taxes, providing some relief to battered local carriers.
Jet fuel makes up about half of an airline's costs.
Civil aviation minister Ajit Singh will meet petroleum minister M. Veerappa Moily early next week to discuss the matter, the former told reporters on Thursday.
State taxes of as much as 30 percent make jet fuel more than 50 percent expensive in India compared with the global average, and global airlines have often criticized such high taxation.
(Reporting by Anurag Kotoky; Editing by Prateek Chatterjee)
- Tweet this
- Share this
- Digg this
- REFILE-Divers feel with their hands for corpses in cold depths of South Korean ferry
- UPDATE 5-Missouri executes convicted killer in 1993 cattle-stealing plot
- Rupee weakens past 61/dollar to one-month low
- China shares down, Aussie drops after inflation data
- Teen who stowed away on Hawaii flight resting in hospital
Credit Suisse upgrades M&M to "outperform" from "neutral," saying its four-wheeler autos and commercial vehicles will benefit from even a short-lived economic recovery, while the auto-maker has "undemanding valuations." Full Article