Monday, August 03, 2020

Aviation stocks trade in red as jet fuel prices continue to climb

On Monday, aviation stocks like Interglobe Aviation (Indigo) and SpiceJet were trading in red after a state-owned oil company continued to increased aviation turbine fuel (ATF) prices especially in the national capital.

At around 2.55 PM, the Indigo stock was performing at Rs957.80 per piece down by 2.18%, whereas, the SpiceJet stock was trading at Rs46.15 per piece below 1.49% on Sensex.

Jet fuel prices are increased on the 1st and 16th of every month tracking international crude prices and forex rates. Jet fuels account for a major portion of expenses for airlines among others.

Latest data of Indian Oil Corporation (IOC) showed that, in Delhi, ATF is hiked by 3% or Rs 1,304.25 in Delhi, and were sold at Rs43,932.53 to domestic airlines starting August 01, 2020.

In the national capital, ATF has witnessed its fifth consecutive hike in the past two months. At first, the jet price was raised by 56.6% on June 01, then a further increase of 16.3% was levied on June 16, followed by a 7.48% and 1.5% rise during July 01 and July 16 respectively.
03/08/20 Indiainfoline
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