Jet Fuel prices in India shoot up by Rs 4842 per kiloliter

The hike has raised air-fuel prices to Rs 120,362.64 per kiloliter, according to a price notification of state-owned fuel retailers. This reverses a 4.5 percent cut in jet fuel prices affected last month.

New Delhi: In a big blow to air travelers, the Jet Fuel or Aviation Turbine Fuel (ATF) Prices in India were hiked by 4.2 percent on Tuesday. The Indian Oil Corporation (IOCL) declared the ATF will be increased by Rs 4842.37 per kiloliter in the national capital Delhi. The hike has consequently raised air-fuel prices to Rs 120,362.64 per kiloliter, according to a price notification of state-owned fuel retailers.

This reverses a 4.5 percent cut in jet fuel prices affected last month. Rates differ from state to state depending on the incidence of local taxes. Prices are benchmarked to international rates of jet fuel and LPG, which do not necessarily move in sync with each other. Prices are determined by global demand and supply situations.

While commercial LPG rates are revised once a month, ATF prices are changed every fortnight. But there was no change in jet fuel prices on October 16. Prior to that, they were cut Rs 5,521.17, or 4.5 percent, on October 1 and by 0.7 percent on September 1.

Petrol and diesel prices, however, continued to remain on freeze for a record nearly seven months. Petrol costs Rs 96.72 per liter in the national capital and diesel comes for Rs 89.62.