SpiceJet calls for 10-15 pc hike in airfares amid depreciation of rupee, rise in jet fuel prices
New Delhi: In the wake of rising prices of jet fuel and the depreciation of the Indian Rupee, India’s low-cost airline SpiceJet on Thursday tabbed for 10-15 per cent hikes in airfares to sustain the operation.
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SpiceJet Chairman and Managing Director (CMD) Ajay Singh on Thursday said there is no option left other than to hike airfare by 10-15 per cent to meet the operation forfeit of airlines. He emphasised on the unfurled trend of the weakening of Indian rupees versus US dollar (USD) and going up of air turbine fuel (ATF) prices.
Singh said, “The sharp increase in jet fuel prices and depreciation of Rupee have left domestic airlines with little nomination but to immediately raise fares. we believe that a min 10-15 per cent increase in fares is required to ensure that forfeit of operations is largest sustained.” The SpiceJet chairman remoter stressed on the multiple ATF price hikes within a year and said, “Aviation turbine fuel prices have increased by increasingly than 120 per cent since June 2021.” Singh urged the government to reduce taxes on jet fuel (ATF) saying that the aviation fuel price hikes are a undersong on the airline companies.
“The massive increase in ATF is not sustainable and governments both centre and state, need to take urgent whoopee to reduce taxes on ATF. We, in the last few months, have tried to swizzle as much undersong of this fuel price rise, which constitutes increasingly than 50 per cent of our operational cost,” he said.
Singh remoter highlighted the issue of the weakening of Rupees versus dollar.
“The weakening of the Indian Rupee versus the USD significantly impacts airlines as our substantial forfeit is either dollar-denominated or pegged to the dollar,” he said.
