Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Industry / Energy/  Jet fuel price hiked by 2%
BackBack

Jet fuel price hiked by 2%

Saturday?s price hike is fifth increase in rates since July, adding to burden of cash-strapped airlines

Saturday’s ATF price hike and 1 September’s 7.6% increase were trigerred by firming international oil rates and a decline in rupee value against the US dollar. Photo: Hindustan Times (Hindustan Times)Premium
Saturday’s ATF price hike and 1 September’s 7.6% increase were trigerred by firming international oil rates and a decline in rupee value against the US dollar. Photo: Hindustan Times
(Hindustan Times)

New Delhi: Days after diesel rates were hiked by a steep 5 per litre, jet fuel prices were raised on Saturday by around 2% to 73,711 per kilolitre.

Aviation turbine fuel (ATF) prices at T3 terminal in the Delhi airport have been hiked by 1,429 per kilolitre, or 1.97%, to 73,711 per kilolitre with effect from midnight, according to Indian Oil Corp. Ltd (IOC), the nation’s largest fuel retailer.

The government had on Thursday announced the first hike in diesel rates in more than 14 months.

Saturday’s ATF price hike and 1 September’s 7.6% increase were trigerred by firming international oil rates and a decline in rupee value against the US dollar.

The price hike is the fifth increase in rates since July, adding to the burden of cash-strapped airlines.

In Mumbai, jet fuel will cost 74,332 per kilolitre from Sunday against 72,830.64 per kilolitre at present. Jet fuel constitutes around 40% of an airline’s operating costs and the increase in prices will put fresh burden on cash-strapped airlines.

No immediate comments were available from the airlines on the impact of the price hike on passenger fares.

The three fuel retailers—IOC, Hindustan Petroleum Corp. Ltd and Bharat Petroleum Corp. Ltd—revise jet fuel prices on the 1st and 16th days of every month, based on the average international price in the preceding fortnight. PTI

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 15 Sep 2012, 07:43 PM IST
Next Story footLogo
Recommended For You
Energy Stocks
₹1,824.250.53%
₹166.250.9%
₹516.82.34%
₹88.561.21%
₹330.651.6%
Switch to the Mint app for fast and personalized news - Get App