Tuesday, March 01, 2022

Aircraft fuel prices at record high after 5th hike this year

State-run oil marketing companies have hiked the prices of jet fuel and commercial LPG cylinders amid soaring crude oil prices owing to the ongoing Russia-Ukraine war.

Aviation turbine fuel (ATF) prices have been hiked by 3.3% to a record high of ₹93,530.66 per kilolitre in Delhi, according to a notification by government-owned oil retailers on Tuesday.

Jet fuel price in Mumbai jumped to ₹91,998.08 per kl from ₹88,987.20 earlier. In Kolkata, it stood at ₹97,899.58 per kl compared with ₹94,888.70 per kl in February.

This is the fifth hike in jet fuel prices this year. Last month, aviation fuel prices were raised by 8.5% on the day of the Union Budget 2022-23 and then again on February 17 by 5.2%.

Following the latest price revision, jet fuel prices have skyrocketed to an all-time high.

This comes at a time when Brent crude, the international benchmark, has been trading over $100 a barrel after Russia began its military offensive against Ukraine.

The price of commercial liquefied petroleum gas (LPG) or cooking gas was also hiked by ₹105 per 19 kilogram cylinder in Delhi with effect from March 1. In Kolkata, commercial LPG cylinders will now cost ₹2,095 instead of ₹1,987. In Mumbai, the price has been raised from ₹1,857 to ₹1,963.

While the price of Brent crude jumped over $100 a barrel as Russia began its invasion in Ukraine, state-run oil marketing companies have yet to increase petrol and diesel prices amid polls in states like Uttar Pradesh.

01/03/22 Fortune India

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