New Delhi, June 3 -- The Union cabinet on Wednesday approved up to Rs.10,000 crore for oil marketing companies (OMCs) to help stabilize jet fuel prices, in a relief for airlines and oil companies as the Iran war upends energy markets worldwide.

The price stabilization fund (PSF) will offer interest-free advances to OMCs, helping them offer steady aviation turbine fuel (ATF) prices to airlines which count fuel as their biggest operating cost.

Mint had earlier reported that the government is planning a PSF for petroleum products.

In another key decision to reduce the import of crude oil and enhance energy efficiency, the Cabinet approved a new scheme with a financial outlay of Rs.9,585 crore to incentivize owners of trucks and buses regi...