New Delhi:
Prices of jet fuel or aviation turbine fuel (ATF) surged across the country on Wednesday after tariffs were hiked by 5.2 percent, in sync with international oil prices.
The ATF price was increased by Rs 4,481.63 per kiloliter or 5.2 percent to Rs 90,519.79 per kl in the national capital, according to a price release from state-owned fuel retailers.
This is the fourth rise in ATF prices in less than two months after a spike in global oil prices, but petrol and diesel prices remained flat for the 103rd day in a row, especially given parliamentary elections taking place in Uttar Pradesh and punjab.
Current post-rise prices are also the highest ever touched by ATF. The rate is higher than Rs 71,028.26 per kl that were registered in August 2008 when the international price of crude oil reached $147 per barrel.
The price hike will put pressure on the already strained balance sheets of airlines that are not yet fully operational due to pandemic-related restrictions.
Wednesday’s price increase is the fourth increase this year. Tariffs were increased by Rs 2,039.63 per kl or 2.75 per cent to Rs 76,062.04 per kl on January 1, and then again by Rs 3,232.87 per kl (4.25 per cent) to Rs 79,294.91 per kl on Jan. January 16. They rose by Rs 6,743.25 per kl or 8.5 percent to Rs 86,038.16 on Feb.
With four increases, ATF prices have increased by Rs 16,497.38 per kl.
These rate hikes were the result of two price cuts in December that reflected a decline in international oil prices in the second half of November and mid-December.
Since then, international rates have become firmer, leading to the rise in ATF prices.