Jet fuel prices up by 5% to Rs 1.23 lakh in Delhi; details here

Prices of aviation turbine fuel (ATF) have been hiked been hiked by 5 per cent to Rs 1, 23,039.71 per kl in Delhi, as per state-backed oil marketing companies (OMCs). ATF costs Rs 1, 21,847.11 per kl in Mumbai, Rs 1, 27,854.60 per kl in Kolkata and Rs 1, 27,286.13 per kl in Chennai. The revised rates will come into effect from May 16 (Monday).

Prior to this, jet fuel prices were raised on May 1 by 3.22 per cent on the back of a surge in global energy prices. After this hike, ATF cost Rs 1,16,851.46 per kl in Delhi, Rs 1,15, 617.24 per kl in Mumbai, Rs 1,21,430.48 per kl in Kolkata and Rs 1,20,728.03 in Chennai.

Rates were hiked by 18.3 per cent on March 16 and 2 per cent on April 1. Prices were also increased by 0.2 per cent on April 16. In the nine hikes since January 1, ATF prices have been increased by Rs 72.062 per kl to Rs 1.23 lakh per kilolitre.

Jet fuel makes up 40 per cent of the running cost of an airline. ATF prices went up every fortnight since the beginning of 2022. Fuel rates have been hiked in India on the back of rise in energy prices globally due to Russia’s invasion of Ukraine and demand hit by the pandemic. India is 85 per cent dependent on imports to meet its oil needs.

Global oil prices today 

Oil prices dropped on Monday as investors took profits after a surge in the previous session and global supply fears loomed with the European Union preparing to phase in a ban on imports from Russia. Brent crude futures were down 0.6 per cent at $110.91 per barrel whereas US West Texas Intermediate crude futures dropped 0.5 per cent to $109.89 per barrel, as per news agency Reuters.

(With agency inputs)  

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