New Delhi, June 4 -- The Centre on Thursday announced a Rs 10,000 crore Aviation Turbine Fuel (ATF) price stabilisation mechanism for Indian airlines to ensure stability in air services, and shield passengers from the impact of extraordinary volatility in the global fuel prices amid the continuing crisis in West Asia.

Addressing the inter-ministerial media briefing, Rohit Raj, Director in the Ministry of Civil Aviation, said the Union Cabinet had approved "a one-time budgetary support mechanism of rupees up to 10,000 crores to provide ATF price stabilisation support to scheduled Indian carriers."

Raj said the decision has been taken in a "larger public interest to protect air connectivity, ensure stability in air services, and shield pa...