India, June 3 -- The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved a one-time budgetary support of up to Rs.10,000 crore for Oil Marketing Companies (OMCs) to provide aviation turbine fuel (ATF) price stabilisation support to scheduled Indian airlines.

The assistance will be extended in the form of interest-free advances to OMCs through the Demands for Grants of the Ministry of Petroleum and Natural Gas. The measure aims to ensure stable ATF pricing for airlines amid volatility in global fuel prices triggered by the ongoing West Asia crisis.

Under the approved mechanism, OMCs will receive a one-time interest-free advance of up to Rs.10,000 crore to offset losses arising from elevated international ATF pri...