The hike – the sixth consecutive year this year – saw prices cross the Rs 1 lakh per kiloliter mark for the first time.
The hike – the sixth consecutive year this year – saw prices cross the Rs 1 lakh per kiloliter mark for the first time.
Jet fuel prices rose more than 18% on Wednesday – the sharpest increase ever – to an all-time high after the international oil price hit a multi-year high.
This year’s increase for the sixth time in a row has seen the prices cross the Rs 1 lakh per kiloliter mark for the first time.
According to a price notification by state-owned fuel retailers, aviation turbine fuel (ATF) or the fuel that helps airplanes fly was raised by ₹17,135.63 per kiloliter or 18.3% to ₹110,666.29 per kiloliter in the national capital .
Jet fuel prices are revised on 1st and 16th of every month based on the average international price of the benchmark fuel over the last fortnight.
International oil prices rose to near 14-year highs of $140 a barrel last week on fears of supply disruptions following Russia’s invasion of Ukraine. Rates have since risen to around US$100 a barrel.
In Mumbai, ATF costs ₹109,119.83 per kiloliter and in Kolkata it costs ₹114,979.70. Jet fuel price in Chennai is Rs 114,133.73 per kl.
Jet fuel, which accounts for about 40% of an airline’s operating cost, has hit new highs this year.
The previous peak of ₹71,028.26 per kiloliter was recorded in August 2008, when international crude oil prices touched US$147 per barrel. Brent crude oil was trading just above $100 a barrel on Wednesday.
ATF prices have increased every fortnight since the beginning of 2022. ATF prices have increased by 36,643.88 kl, or nearly 50%, in six hikes starting January 1.
Petrol and diesel prices frozen
Unlike ATF, petrol and diesel prices remained stable for a record 132nd consecutive day on Wednesday. The daily price revision was put on hold on November 4, 2021, with the start of the election campaign for the election of new governments in states like Uttar Pradesh and Punjab.
LPG prices have also been on a freeze since October, when they touched Rs 900 per cylinder.
This is despite the huge volatility in international oil prices. Brent crude oil, the best-known international benchmark, was at $82.74 a barrel on November 5, 2021, before it started falling and touched $68.87 a barrel on December 1.
Prices rose above USD 139 a barrel last week after the Russia-Ukraine crisis and are now trading at USD 101, up from the high of USD 86.40 on October 26, 2021, due to which petrol and diesel prices had risen. – High Time.
Petrol in Delhi costs ₹95.41 per liter and diesel costs ₹86.67, price information from state fuel retailers has revealed.
Record-high retail pump prices prompted the government to cut excise duty on petrol by Rs 5 per liter and on diesel by Rs 10. Many states matched this with a reduction in local sales tax or VAT rates.
Before the cut in excise duty, petrol and diesel prices hit an all-time high across the country. While petrol had crossed the ₹100 per liter mark in most cities, diesel was above that level in almost half of the country. Petrol in Delhi was Rs 110.04 per liter and diesel Rs 98.42 per litre.