Oil companies relaxed the credit period for Airlines

The group on Wednesday gave domestic airlines more freedom on the issue of fuel supplies from state-owned oil marketing firms such as BPCL,IOC,HPCL etc.. and also they have warned against sacking employees(the one which happend with Jet Airways).At a meeting of representatives of airlines and oil company executives, called by oil minister Murli Deora and attended by aviation minister Praful Patel, oil firms agreed to increase the credit period from two months to three and the airlines agreed to clear the accumulated dues in equal instalments by March.But there won't be any reduction in the fares for fliers. "Why should we cut fares when we are losing money?" said industrialist Vijay Mallya but expressed satisfaction with the meeting's outcome.Kingfisher,Jet Airways and Air-India who owed heavily to oil marketing firms.