India reverses April 1 jet fuel hike after global tensions
India just reversed a steep jet fuel price hike for domestic flights that kicked in on April 1.
Prices in New Delhi had doubled, but were quickly slashed back down within hours on April 1 after global tensions (thanks to the US and Israel's actions against Iran) sent oil markets spinning and squeezed supplies.
Relief for Indian airlines
The rollback is a big relief for Indian airlines, which were staring at higher costs and possible cuts to smaller routes.
Domestic routes account for a significant share of India's air travel, so keeping prices in check helps passengers flying within the country.
Meanwhile, international flights still have to pay the higher rate.
All this comes as India faces an energy crunch and the rupee is hitting record lows against the dollar, making things even trickier for travelers and businesses alike.