Spicejet’s share price touched the lowest 52 weeks RS 42.70, fell 3 percent intraday on June 16 after the price of jet fuel flew to the highest level of all time.

The price of Aviation Turbine Fuel (ATF) has increased by 16.3 percent to RS 1.41 LAKH per kiloliter in Delhi.

ATF prices are almost doubled in 2022. The price on June 3 was deducted 1.3 percent, the first reduction after 10 increases, on the sauce of international crude oil tariffs.

Previously, in May, the price of ATF rose five percent to RS 1.23 Lakh per kiloliter in the national capital.

Prices have increased by more than 120% since June 2021. This big increase is not sustainable and the government, central and state, need to take urgent action to reduce tax on ATF which is the highest in the world, “said Ajay Singh, Chair and Director of Implementing, Spicejet

“We have been trying to absorb as much as possible to absorb the burden of fuel prices, which is more than 50% of our operational costs, as much as we can.

The weakening of Indian rupees of the US dollar further has a significant impact on airlines because our large costs are both dollars or pegged into the dollar.

A sharp increase in jet fuel prices and rupee depreciation has left domestic airlines with a few choices but to immediately raise tariffs and we believe that the minimum rate increase of 10-15% is needed to ensure that operating costs are more sustainable, “he added.

At 10:04, Spicejet quoted RS 43, down RE 1 or 2.27 percent on BSE.

Jet Airways quoted RS 104.90, riding RS 0.85 or 0.82 percent, and Interglobe flights at 1,725.20 RS, down RS 10.10 or 0.58 percent.