High crude price beginning to hurt India

New Delhi: The rising price of crude oil is beginning to hurt India. The country's import cost of crude oil has touched an all-time high of $112 a barrel.
The high price has widened the losses incurred by state-run petroleum marketing firms to Rs 450 crore a day.
And airlines are also feeling the brunt of the price rise.
Market leader Jet Airways says it has put in place a $50 million cost cutting plan to combat the hike in Aviation Turbine Fuel (ATF) price hikes this year.
The airline says that it will have to bear a $210 million hit annually due the three successive price hikes in ATF.ATF prices are set by oil companies in response to international crude prices.
07/05/08 CNN-IBN

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Categories: Indian Aviation- In General May 2008