The price of jet fuel was hiked on Sunday by 6%, thanks to firming international rates, it was reported. This is the third such increase in fuel rates since August.
Jet fuel, which is also known as aviation turbine fuel (ATF) will now cost Rs 53,045 per kilolitre in New Delhi. This is a Rs 3,025 rise per kilolitre, according to a price hike notification by Indian Oil Corp.
In addition, Liquid Petroleum Gas (LPG), which is used for cooking, saw a Rs 1.50 increase in price. LPG cylinders now cost Rs 488.68 in New Delhi, as against 487.18.
The hike comes on the back of over Rs 7 per cylinder increase that was introduced at the beginning of last month.
Oil Minister Dharmendra Pradhan had on July 31 told the Lok Sabha that the government had asked state-run oil firms to raise subsidised cooking gas (LPG) prices by up to Rs 4 per cylinder every month to eliminate all the subsidies by March next year.
Rates were, however, raised by Rs 2.31 per cylinder on August 1 and the oil companies effected a large hike on September 1 to equalise that, sources said.
Since the implementation of the policy of monthly increases from July last year, subsidised LPG rates have gone up by over Rs 69.50 per cylinder. A 14.2-kg LPG cylinder was priced at Rs 419.18 in June 2016.
The government had previously asked IOC, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) to raise rates of subsidised domestic LPG (liquefied petroleum gas) by Rs 2 per 14.2-kg cylinder per month (excluding VAT).
The quantum has now been doubled so as to bring down the subsidy to nil.
Every household is entitled to 12 cylinders of 14.2-kg each at subsidised rates in a year. Any requirement beyond that is to be purchased at market price.
The price of non-subsidised LPG or market priced cooking gas has also been hiked by Rs 1.50 to Rs 599 per bottle.
Rates at the last revision on September 1 were hiked by Rs 73.5 to Rs 597.50 per bottle.
State-owned oil firms revise rates of LPG and ATF on 1st of every month based on average oil price and foreign exchange rate in the previous month.
Today's hike in the LPG price is fifth since the May 30 order of the oil ministry to raise rates by Rs 4 per cylinder every month.
There are as many as 18.11 crore customers of subsidised LPG in the country. These include over 3 crore poor women who were given free connections during the last one year under the Pradhan Mantri Ujjwala Yojna.
There are another 2.66 crore users of non-subsidised cooking gas.
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