SpiceJet had been put on cash-and-carry about six months back, which meant fuel will be supplied to the aircraft only if they pay for it, industry sources said.
With troubled SpiceJet having grounded its flights, oil companies have made it clear the
budget carrier will get fuel only on immediate payments, as the airline is on 'cash and carry' mode.
The carrier had till yesterday bought some jet fuel but it has not made any request for cash purchase since last evening and so no aircraft of SpiceJet has been refuelled, industry sources said.
SpiceJet had been put on cash-and-carry about six months back, which meant fuel will be supplied to the aircraft only if they pay for it, they said.
SpiceJet used to buy about Rs 5.5 crore worth of fuel daily from Bharat Petroleum Corp Ltd ( BPCL ) but six months back it shifted some purchases to Hindustan Petroleum Corp Ltd ( HPCL ) and Reliance Industries. The daily offtake had since then fallen due to grounding
of several of its aircraft and SpiceJet cutting back its fleet.
SpiceJet this morning grounded all its aircrafts due to payment woes.
The Civil Aviation Ministry had yesterday stated that the airport operators would be asked to give the airline 15 days to make payments, while state oil companies would be asked to
give credit for up to 15 days. Sources said oil companies extend credit only after payments are secured either through a Letter of Credit or a Bank Guarantee.
SpiceJet has so far not cleared its stand on the issue of providing guarantees and it remains to be seen if the government will force oil firms to waive off the provision to help the airline get fuel.
SpiceJet stock price
On December 10, 2014, SpiceJet closed at Rs 13.15, down Rs 0.75, or 5.4 percent. The 52-week high of the share was Rs 22.20 and the 52-week low was Rs 11.10.
The latest book value of the company is Rs -16.49 per share. At current value, the price-to-book value of the company was -0.80.
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