"I am sure within a week you will find corrective action (fares stabilising) being taken (by airlines)," Patel told reporters here.
Patel also said that if remedial action was not taken by air-carriers, then the Directorate General of Civil Aviation (DCGA) is empowered to take such action as would benefit travellers.
"The regulator is not helpless. It should not be presumed that the regulator cannot take action. I am sure they can and they will when the situation warrants," the Minister said.
Top executives of all Indian carriers have been called for a meeting today as well as on Monday with the DGCA in the capital to explain why they have proposed such high fares.
While SpiceJet, GoAir and IndiGo officials are slated to have discussions with the DGCA today, full-service carriers, Air India, Jet Airways and Kingfisher Airlines will meet with the regulator on Monday.
Patel had earlier said that either exorbitant fares or "predatory fares" (lowering of ticket prices even below cost to under-cut competing airlines) would not be allowed.
"The Government and DGCA have viewed these developments (high-fare bands) very seriously and we feel corrective action must be taken," he had said.
Patel called for striking the right balance by maintaining the interests of both, the airlines and consumers.
"As a Ministry and as a regulator, we have to take into account the passengers' interest as also that of the overall sector," he said.
Stating that across airlines all seats were not being 'over-priced', Patel said this (high-fares band) applies to seats which are booked at the last moment.
So to say that everything (all fares) is being over- priced will also be unfair, Patel said.
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