State-owned oil firms today icreased jet fuel prices by 2%, the seventh straight increase in rates since October when international crude oil prices started climbing.
State-owned oil firms today icreased jet fuel prices by 2%, the seventh straight increase in rates since October when international crude oil prices started climbing.
Aviation Turbine Fuel (ATF) rates in Delhi have been hiked by Rs948.5 per kilolitre, or 1.98%, to Rs48,764 per kl with effect from midnight tonight, an official of Indian Oil Corp (IOC), the nation's largest fuel retailer, said.
The latest raise comes on the back of a Rs935 per kl hike from January 1 and a massive 3.6% increase on December 15.
With this raise, IOC and sister public sector retailers Bharat Petroleum and Hindustan Petroleum have raised prices of jet fuel, or ATF, on seven occasions since October.
The ATF price in Delhi on October 1 was Rs40,728.52 per kl. The rates were increased by Rs8,035.48 per kl or 19.7% in seven tranches since then, in tandem with a surge in global oil prices which have risen to US$98 per barrel mark.
Jet fuel will cost Rs49046 per kl in Mumbai, home to the nation's busiest airport, from tomorrow, as against Rs48058.56 per kl currently.
No comment could be immediately obtained from airline companies on the impact of the latest price hike on passenger fares.
Fuel cost accounts for 40% of the airlines' operating cost,
The three state-owned oil retailers revise jet fuel prices on the 1st and 16th of every month, based on the average international price in the preceding fortnight.
In Kolkata, the ATF price has been hiked by Rs1027.26 to Rs56,186 per kl, while in Chennai, it will cost Rs52,323 per kl as against Rs51,275.32 per kl currently.
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