New Delhi, Jun 3 (UNI) In a major relief measure for the aviation sector grappling with soaring fuel costs amid the ongoing West Asia crisis, the union Cabinet on Wednesday approved a one-time budgetary support package of up to Rs 10,000 crore for Oil Marketing Companies (OMCs) to facilitate Aviation Turbine Fuel (ATF) price stabilisation for scheduled Indian airlines.
Announcing the decision after a Cabinet meeting, Information and Broadcasting Minister Ashwini Vaishnaw said the government had approved the creation of a Price Stabilisation Fund that would provide interest-free advances to OMCs, enabling them to offer more predictable fuel prices to Indian carriers operating both domestic and international services.
"The union Cabinet has approved one-time budgetary support not exceeding Rs 10,000 crore for Oil Marketing Companies to provide ATF price stabilisation support to Scheduled Indian Airlines for their domestic and international operations," Vaishnaw told reporters.