The price rise comes on the back of three consecutive massive hikes since February this year, when crude oil spiked to over $ 100 per barrel.
State-owned oil firms today hiked jet fuel prices by a massive 6 per cent, the 11th rate increase in six months.
Aviation turbine fuel (ATF) rates in Delhi have been hiked by Rs. 3,377.09 per kilolitre (kl), or 6.14 per cent, to Rs. 58,310.45 per kl with effect from midnight tonight, an official of Indian Oil Corp, the nation’s largest fuel retailer, said.
The hike comes on the back of three consecutive massive hikes since February this year, when crude oil spiked to over $ 100 per barrel.
Today’s hike is the 11th straight increase in jet fuel prices since October, 2010, when international crude oil prices started soaring.
The ATF price in Delhi on October 1, 2010 was Rs. 40,728.52 per kl. The rates have been increased by Rs. 17,581.93 per kl, or 43.16 per cent, in 11 tranches since then.
Jet fuel will cost Rs. 59 031.39 per kl in Mumbai, home to the nation’s busiest airport, from tomorrow, as against Rs. 55,500.06 per kl currently.
No comment could be immediately obtained from airline companies on the impact of the latest price hike on passenger fares.
Fuel cost accounts for 40 per cent of the airlines’ operating cost.
Indian Oil Corp and sister public sector retailers Bharat Petroleum and Hindustan Petroleum revise jet fuel prices on the 1st and 16th of every month, based on the average international price in the preceding fortnight.