Jet fuel prices hiked by 4.5 per cent

Mumbai: State-owned oil firms on Monday hiked jet fuel prices by a massive 4.5 per cent, the biggest hike in almost a year, on the back of spiralling international oil prices.
Aviation Turbine Fuel (ATF) rates in Delhi have been hiked by Rs. 2,194.79 per kilolitre, or 4.5 per cent, to R.s 50,958.79 per kl with effect from midnight tonight, an official of Indian Oil Corp (IOC), the nation’s largest fuel retailer, said.
This is the eighth straight increase in jet fuel prices since October 2010, when international crude oil prices started soaring.
Last time the oil companies had affected such a massive hike on January 16, 2010 when rates in Delhi were hiked by Rs. 2,519.83 per kl or 6.5 per cent.
The ATF price in Delhi on October 1 was Rs. 40,728.52 per kl. The rates were increased by Rs. 10,230.21 per kl or 25.1 per cent in eight tranches since then, in tandem with a surge in global oil prices.
The basket of crude India buys has averaged $93.75 per barrel in the second half of January, as against December average of $89.78 per barrel.
Jet fuel will cost Rs. 51,332.82 per kl in Mumbai, home to the nation’s busiest airport, from tomorrow, as against Rs. 49,046 per kl currently.
31/01/11 PTI/The Hindu

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Categories: Indian Aviation- In General Feb 2011