IOC, HPCL and BPCL had earlier this month threatened to snap aviation turbine fuel supplies to Air India.
The monthly payment was besides the airline being put on cash-and-carry where it was given fuel only against cash payment.
Air India offered to pay Rs 60 crore which is a drop in the ocean of what oil marketing companies owe.
The company is preparing its Jamnagar complex to be future ready as fuel demand undergoes change.
Gasoline and jet fuel demand are expected to rise by 7-8 pc this year, while diesel consumption could increase by 3 pc.
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