Indian refiners have frozen the price of jet fuel for domestic flights after airlines requested relief from recent fuel price increases, according to a Bloomberg report. In an additional concession, fuel makers also reduced the price of jet fuel for international flights, the report stated, citing unnamed spokespeople from state-owned refiners including Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp. [1]
These three state-owned refiners had raised fuel prices four times in the past month in response to the Strait of Hormuz crisis, according to the report. The price hikes were the first in four years in India, as the government had previously taken measures to insulate consumers from global oil market fluctuations. India depends on imported crude for over 80% of its consumption. [1]
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