The financial assistance will be provided to Oil Marketing Companies in the form of interest-free advances through the Demands for Grants of the Ministry of Petroleum and Natural Gas.
Willie Walsh said the jet fuel shortage would hit Asia first, followed by Europe, Africa and Latin America.
The central has slashed the windfall tax on crude oil from Rs 11,000 to Rs 9,500 per tonne. This change will be applied from November 2 according to an official notification released by the Ministry of Finance.
SpiceJet Chairman and Managing Director Ajay Singh said biojet fuel is low cost and helps in significantly reducing carbon emissions.
