Source : INDIA TODAY NEWS
The Centre has capped the monthly increase in jet fuel prices to a maximum of 25 per cent for domestic flights, according to an official statement cited by news agency Reuters on Thursday. This comes amid the deepening global energy crisis sparked by the heavy disruption to maritime traffic through the Strait of Hormuz.
The critical energy choke point, which accounted for nearly a fifth of the world’s energy flows before the current war, has remained effectively shut since early March due to the ongoing armed conflict between Israel and the US on one side, and Iran and its proxies on the other.
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The Prime Minister Narendra Modi-led government imposed the purported 25 per cent cap a day after Indian retailers on Wednesday, April 1, raised prices of jet fuel, also known as aviation turbine fuel (ATF), by 8.5 per cent.
According to the Ministry of Petroleum and Natural Gas, ATF is a deregulated product and prices are revised in accordance with international benchmarks. With global crude oil prices soaring, a steep rise in jet fuel rates was also expected from April 1.
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(With inputs from agencies)
SOURCE :- TIMES OF INDIA
