As airlines face widespread cancellations due to concerns over the coronavirus outbreak and oil prices crash globally, the Ministry of Civil Aviation has requested the Ministry of Petroleum and Natural Gas to update jet fuel prices every 15 days, sources told CNBC-TV18.
Currently, aviation turbine fuel (ATF) prices are revised on the first of every month.
"As fluctuations have been too steep and too frequent in the global oil market, the ministry has requested the Oil Ministry to revise prices every 15 days. This is expected to provide some relief to domestic airlines in times of low demand," the source said.
The Petroleum Ministry will take a final call on the matter, the source added.
The request comes following two meetings between the Aviation Ministry and senior officials of domestic airlines over the past week.
Indian carriers have been struggling with excess capacity since the coronavirus crisis escalated globally and the number of cases rose in India. Over the past few weeks, several countries have imposed travel restrictions on arrival of tourists and workers from high risk countries apart from implementing other preventive measures.
Global markets remained weak and Indian stocks crashed market on March 9, with the Sensex plummeting around over 1,900 points. Brent crude futures fell nearly 32 percent to $31.02 a barrel, the biggest percentage drop since 1991.