India's IndiGo to hike fuel charges as global jet fuel costs rise (updated)
UPDATE 1-India's IndiGo to hike fuel charges as global jet fuel costs rise Updates with details throughout
Oct 5 (Reuters) - Indian airline IndiGo INGL.NS on Monday said it would increase its fuel charges on domestic and international routes from October 6 as aviation turbine fuel costs rise globally.
Fuel charges on domestic routes will increase between 375 rupees ($3.89) and 1,300 rupees, from 275 to 950 rupees, while those on international routes will rise to 1,000 to 10,000 rupees from 900 to 10,000, based on the distance travelled.
IndiGo had last raised fuel charges in April.
The move comes as aviation turbine fuel costs remain volatile due to the Iran war, with global prices rising 14% month-on-month in October, the airline said.
Jet fuel accounts for up to 40% of airlines' operating costs and sharp price swings can erode their profitability.
IndiGo posted a first-quarter loss of 3.82 billion rupees. The company said in May that it would consider hedging fuel costs to protect margins.
($1 = 96.2850 Indian rupees)
(Reporting by Abhirami G in Bengaluru; Editing by Sonia Cheema)
((abhirami.g@thomsonreuters.com))
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