GET Stock QuotesNews18 APP
News18 English
»
1-min read

Jet Airways, IndiGo Airlines, SpiceJet Fined for Fuel Surcharge Cartel

The anti-trust watchdog criticised the airlines for using fuel surcharge as a pricing tool which was essentially introduced to mitigate the fuel price volatility.

Reuters

Updated:March 7, 2018, 6:50 PM IST
facebookTwittergoogleskypewhatsapp
Jet Airways, IndiGo Airlines, SpiceJet Fined for Fuel Surcharge Cartel
Representative Image: Reuters
Loading...
New Delhi: The Competition Commission of India (CCI) on Wednesday fined InterGlobe Airlines, Jet Airways and SpiceJet Ltd, saying the carriers had colluded in fixing and revising fuel surcharge rates on cargo flights.

The competition watchdog levied a penalty of 398 million rupees ($6.13 million) on Jet Airways, 94.5 million rupees on InterGlobe and 51 million rupees on SpiceJet, it said in a statement.

The CCI noted in its order that "the airlines acted in a concerted manner" in fixing and revising the fuel surcharge rates, which are a component of freight charges.

The anti-trust watchdog criticised the airlines for using fuel surcharge as a pricing tool which was essentially introduced to mitigate the fuel price volatility.

Jet Airways, IndiGo Airlines, owned by InterGlobe, and SpiceJet did not immediately respond to an email seeking comment.

In 2015, the three airlines were penalised by CCI for the same issue.

($1 = 64.8800 Indian rupees)
| Edited by: Bijaya Das
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Dewan Housing 393.90 +43.35 +12.37
Yes Bank 226.40 -0.10 -0.04
Bajaj Finance 2,260.80 -118.60 -4.98
HDFC 1,718.70 -120.70 -6.56
Maruti Suzuki 7,793.05 -247.10 -3.07
Company Price Change %Gain
Dewan Housing 393.00 +41.45 +11.79
Yes Bank 226.25 -0.80 -0.35
Maruti Suzuki 7,795.85 -243.70 -3.03
Bajaj Finance 2,259.35 -125.25 -5.25
Sun Pharma 623.70 -11.80 -1.86
Top Gainers
Company Price Change %Gain
TCS 2,198.45 +95.30 +4.53
Coal India 281.15 +5.90 +2.14
Infosys 718.25 +12.95 +1.84
Tech Mahindra 751.45 +13.40 +1.82
Reliance 1,232.05 +14.55 +1.20
Company Price Change %Gain
TCS 2,198.70 +94.90 +4.51
Coal India 281.45 +5.80 +2.10
Infosys 717.30 +11.00 +1.56
Reliance 1,232.30 +15.45 +1.27
NTPC 168.30 +0.95 +0.57
Top Losers
Company Price Change %Gain
Indiabulls Hsg 981.95 -80.20 -7.55
Eicher Motors 25,852.80 -2,087.40 -7.47
M&M 896.05 -63.85 -6.65
HDFC 1,718.70 -120.70 -6.56
IndusInd Bank 1,674.20 -88.25 -5.01
Company Price Change %Gain
M&M 895.40 -61.80 -6.46
HDFC 1,721.05 -114.20 -6.22
IndusInd Bank 1,674.65 -87.05 -4.94
Adani Ports 345.75 -16.25 -4.49
Bharti Airtel 357.50 -14.90 -4.00

Live TV

Loading...
Loading...