Oil companies yesterday hiked jet fuel prices for the second time this month, raising rates by a steep 2% with effect from midnight yesterday.
“The price of aviation turbine fuel (ATF) or jet fuel at Delhi’s T3 airport was raised by INR1,195 per kilolitre or 1.95% to INR62,310 per kl, an official of Indian Oil Corp told NDTV.com. The increase comes after a massive 3.8% or INR2,845 per kl hike in rates from 1 November 2011.
ATF in Mumbai will cost INR63,228 per kl effective today as against the rate of INR 61,983.64 per kl. Cost of jet fuel prices is revised on first and 16th of every month, based on the average international price in
the preceding fortnight. The latest hike will put even greater pressure on Indian carriers; fuel costs account for approximately 30% of airlines’ operating expenses.