India, June 3 -- The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved a one-time budgetary support package of 10,000 crore for Oil Marketing Companies (OMCs) to help stabilise Aviation Turbine Fuel (ATF) prices for scheduled Indian airlines amid ongoing volatility in global energy markets.

The support aims to shield airlines from the impact of sharply rising fuel costs triggered by the West Asia crisis while protecting OMCs from financial losses resulting from elevated international ATF prices.

Under the approved framework, the government will provide interest-free advances of up to 10,000 crore to OMCs through the Ministry of Petroleum and Natural Gas. The assistance will remain operational for up to 36 months, sub...