Jet fuel prices on Sunday were hiked by 3.22 percent -- the ninth straight increase this year -- to an all-time high, reflecting a surge in global energy prices. The price of aviation turbine fuel (ATF) -- the fuel that helps aeroplanes fly -- was hiked by Rs 3,649.13 per kilolitre, or 3.22 percent, to Rs 1,16,851.46 per kl (Rs 116.8 per litre) in the national capital, according to a price notification of state-owned fuel retailers.
Meanwhile, petrol and diesel prices remained unchanged for the 25th straight day after rising by a record Rs 10 per litre each. While jet fuel prices are revised on the 1st and 16th of every month, petrol and diesel rates are revised daily based on equivalent rates in the international market.
Also Read
The increase in ATF price comes on the back of the steepest ever hike of 18.3 percent (Rs 17,135.63 per kl) effected on March 16 and a 2 percent (Rs 2,258.54 per kl) increase on April 1. Prices were increased by a marginal 0.2 percent on April 16.
ATF in Mumbai now costs Rs 1,15,617.24 per kl, while it is priced at Rs 1,21,430.48 in Kolkata and Rs 1,20,728.03 in Chennai. Rates differ from state to state, depending on the incidence of local taxation.
Fuel rates have been increased in India because energy prices globally have risen on the back of supply concerns following Russia's invasion of Ukraine and demand returning after being hit by the pandemic. India is 85 percent dependent on imports to meet its oil needs.
Jet fuel, which makes up for almost 40 percent of the running cost of an airline, has this year surged to new highs. ATF prices have increased every fortnight since the start of 2022. In the nine hikes beginning January 1, ATF prices have been increased by Rs 42,829.55 per kl (Rs 42.8 per litre) or over 50 percent.
First Published: May 1, 2022 12:41 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Arvind Kejriwal Lok Sabha election campaign LIVE: Delhi CM offers prayers at Delhi’s Hanuman temple
May 11, 2024 11:16 AM
Aftermath of Arvind Kejriwal’s bail — AAP's narrative boost and BJP's challenge
May 11, 2024 8:19 AM
Delhi voters can avail free rides from booths to their homes on polling day
May 10, 2024 6:26 PM
Kolkata North: TMC fights 'TMC' in battle reflecting party's Old vs New debate
May 10, 2024 5:14 PM