Jet Airways saves $120,000 via fuel hedging

Mumbai: India's Jet Airways Ltd. saved about $120,000 by hedging its jet fuel costs through a forward contract in April with Citibank for 10,000 barrels, a company official said on Thursday.
Jet hedged at a price of $73 per barrel and planned to increase hedging volumes when oil prices eased, Carl Saldanha, chief financial officer, told Reuters.
Jet Airways has got approval from India's central bank to hedge fuel requirement for its international operations accounting for about 10 percent, or 300,000 barrels, of its total demand in a year, Saldanha said.
25/05/06 Reuters/NDTV.com

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