New Delhi, Sep 7 (TIWN) Subdued crude oil prices, on account of the Covid-19 outbreak, are expected to keep the cost of air turbine fuel (ATF) low, ratings agency ICRA said on Monday.

“The prolonged shutdown of manufacturing activities in several countries and the subsequent impact of the outbreak on the global economic activity will keep the crude oil prices and thus, the ATF prices low,” ICRA Vice President Kinjal Shah said in a research note.

Following the pandemic outbreak, crude oil prices declined materially, reaching a low of $19 per barrel in April, thereby leading to a decline in ATF prices.

However, crude oil prices have increased gradually since then, and currently range around $44 per barrel.