International crude oil prices have reportedly touched $120 per barrel, which has pressurized oil firms to raise prices.
According to the report, which quoted an Indian Oil official, the prices in Mumbai have been raised by almost INR5,276 per kilo liter. The increase in fuel costs has affected airlines, who have in turn increased the fuel surcharge.
Jet Airways and SpiceJet have reportedly announced an increase in surcharge by INR150 on short-haul routes and INR350 on long-haul routes. Other airlines are expected to follow the example set by these two airlines. Jet Airways may also increase the basic economy and business class ticket fare by 10%.
