Indian oil companies on Wednesday hiked jet fuel or aviation turbine fuel (ATF) price to Rs 1.12 lakh per kilolitre from Rs 1.08 lakh per kilolitre in Delhi for domestic airlines. The new prices are effective from February 1.
As per Indian Oil Corporation (IOC) data for the top four metro cities, jet fuel in Delhi is priced at Rs 1,12,356.77 per kilolitre and for Mumbai at Rs 1,11,246.61 per kiloliter. In Kolkata and Chennai, the price stands at Rs 1,19,239.96 and Rs 1,16,922.56 per kilolitre, respectively.
This price hike will add extra burden on airlines for whom fuel makes for almost 40 percent of the operating cost.
The ATF price is revised on the first of every month based on the average rate of international benchmark and foreign exchange rates.
Meanwhile, oil prices climbed on Wednesday due to weakness in the dollar that fell on signs of slowing inflation in the United States, easing fears that the world's largest oil user may face a recession because of further interest rate hikes.
First Published: Feb 1, 2023 8:48 AM IST
