00:00India has rolled back a sharp hike in jet fuel prices for domestic flights just hours after
00:06raising them to a record high. State-owned Indian Oil Corporation had initially doubled prices in
00:12New Delhi to over 207,000 rupees per kiloliter before cutting them to around 104,000.
00:20The government said jet fuel prices for domestic markets is set to increase by over 100%
00:26on 1st of April due to global price surges linked to the closure of the Strait of Hormuz.
00:32But it assured that only a partial hike of about 25% will be passed on to domestic airlines,
00:39while international routes will bear the brunt of the full price increase.
00:43The Middle East conflict has disrupted global energy markets,
00:47with oil and jet fuel prices surging amid supply concerns.
00:52India, the world's third largest oil consumer, has been hit hard.
00:56Prompting measures to boost local fuel supplies.
00:59Airlines across the region are also feeling the impact,
01:02with some cancelling flights as cost rise and countries move to secure domestic energy stocks.
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