Leading Indian airline executives met India’s prime minister on Wednesday to discuss how to mitigate soaring fuel prices, which could cost the industry as much as $2bn this year.

“This is a crisis situation that we have to tackle with all means,” said Wolfgang Prock-Schauer, chief executive of Jet Airways, India’s leading private airline. “If we don’t act now it could be a $2bn loss for the Indian industry in total.”

Mr Prock-Schauer told the Financial Times that India’s airlines have absorbed an additional $100m in jet fuel costs each month since March, which translates into an extra $1.2bn this year. But if global fuel prices continue to climb, airlines fear, the annual bill could hit $2bn. ... Read full article