Oil firms hike jet fuel price by Rs 156-237 per kilolitre

Oil firms hike jet fuel price by Rs 156-237 per kilolitre

Aviation Turbine Fuel (ATF) price at the T3 terminal in the national capital was increased by Rs 156 per kl to Rs 60,560 per kl effective midnight tonight, an official of Indian Oil Corp, the nation's largest fuel retailer, said.

State-owned fuel retailers have hiked jet fuel price on every fortnight since October in line with firming crude oil rates.

Jet fuel in Mumbai was hiked by Rs 230 per kl to Rs 61,429 per kl. Today's hike is the 14th straight increase in jet fuel prices since October, 2010, when international crude oil prices started soaring.

The ATF price in Delhi on October 1, 2010 was Rs 40,728.52 per kl. The rates have been increased by Rs 19,831.48 per kl, or 48.7 per cent in 14 tranches since then.

No comment could be immediately obtained from airline companies on the impact of the latest price hike on passenger fares.

Fuel cost accounts for 40 per cent of the airlines' operating cost and rates vary from airport to airport depending upon the local sales tax.

Indian Oil Corp and its sister public sector retailers Bharat Petroleum and Hindustan Petroleum revise jet fuel prices on the 1st and 16th of every month, based on the average international price in the preceding fortnight.