Saturday, May 14, 2022

Jet fuel prices increased by 0.2 percent, rates touch record high

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  • On Saturday, jet fuel price was hiked by Rs 277.5 per kilolitre, or 0.2 per cent, to Rs 1,13,202.33 per kl (Rs 113.2 per litre) in the national capital
  • Earlier on March 16, ATF prices had witnessed the steepest-ever hike of 18.3 percent which pushed the rate to Rs 17,135.63 per kl

New Delhi: Jet fuel prices were raised by a marginal 0.2 percent on Saturday, marking the eighth increase this year. A surge in global crude oil prices has driven Aviation Turbine Fuel (ATF) prices to a record high this year, putting substantial financial strain on the aviation sector. On Saturday, jet fuel price was hiked by Rs 277.5 per kilolitre, or 0.2 per cent, to Rs 1,13,202.33 per kl (Rs 113.2 per litre) in the national capital, a notification issued by oil marketing companies showed.

Jet fuel prices

Jet fuel prices are revised on the 1st and 16th of every month, while petrol and diesel prices are revised everyday based on daily equivalent rates in the international market. Petrol and diesel prices have remained unchanged for the 10th day in a row after rising by Rs 10 per litre each. 

Earlier on March 16, ATF prices had witnessed the steepest-ever hike of 18.3 percent which pushed the rate to Rs 17,135.63 per kl. Jet fuel now costs Rs 111,981.99 per kl in Mumbai, Rs 117,753.60 in Kolkata and Rs 116.933.49 in Chennai.

Background

Jet fuel prices have surged in line with the increase in global crude oil prices on the back of supply concerns following Russia’s invasion of Ukraine. Jet fuel makes up 40 percent of the cost of operating a flight for an airline. Since the beginning of 2022, jet fuel prices have been increased every fortnight. In eight hikes, ATF prices have surged by Rs 39,180.42 per Kl or almost 50 percent.

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