Jet Fuel Price Hike: Jet fuel prices hiked by 5% to new record high in Delhi

Aviation turbine fuel (ATF) prices were hiked by 5 percent, taking it to Rs.1.23 lakh per kilolitre in the national capital, according to state owned fuel retailers, .

In the nine hikes beginning January 1, jet fuel prices have been hiked 61.7 percent from Rs 72,062 per kilolitre to Rs 1.23 lakh per kilolitre.

Meanwhile, petrol and diesel prices remained unchanged for the 40th straight day after rising by a record Rs 10 per litre each. Fuel prices were last hiked on April 6 by 80 paise a 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.

The increase in ATF price comes on the back of the steepest ever hike of 18.3 per cent (Rs 17,135.63 per kl) effected on March 16 and a 2 per cent (Rs 2,258.54 per kl) increase on April 1. Prices were increased by a marginal 0.2 per cent on April 16.

The rates are likely to 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 per cent dependent on imports to meet its oil needs.

Jet fuel, which makes up for almost 40 per cent 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.