“In the short term at least, there’d be higher insurance premiums, and airfares, very importantly, are likely to go up.”

Kirit Patel was killed when the London-bound Air India plane crashed soon after taking off on Thursday from Ahmedabad, along with 240 other passengers.

Stricter environmental regulations and slower global economic growth will soften marine fuel demand in the coming years, the International Energy Agency said in its annual report on Tuesday.