High Fuel Prices Temper India's Passenger Traffic

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Domestic passenger traffic contracted by 8% in June versus the prior month as airlines raised air fares to offset record-high jet fuel prices. Data from the Directorate General of Civil Aviation show airlines carried 10.5 million passengers in June compared with 11.5 million in May. Air traffic rates were still three times higher compared with June last year. For the first half of the current year passenger traffic has surged 67% versus last year to 57.2 million. Refiners had raised jet fuel prices by 16% for the second half of June to historic highs. Refiners left rates unchanged for the first half of July but made 2% cuts for the second half that brought rates to 138,148 rupees ($1,728) per kiloliter at New Delhi airport. That was just the second price cut this year.

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