The Indian Oil Corporation (IOC) has hiked jet fuel prices by 5 percent, taking it to Rs 1.23 lakh per kilolitre in Delhi, CNBC-TV18 reported today on May 16.
Notably, aviation turbine fuel (ATF) prices have been hiked 61.7 percent from Rs 72,062 per kl to Rs 1.23 lakh per kl since January.
Meanwhile, the prices of petrol and diesel have remained steady for 40 days now. Since the end of a four-and-a-half-month long hiatus in rate revision on March 22, rates of petrol and diesel had increased by Rs 10 per litre each via 14 revisions. Fuel prices were last hiked on April 6 by 80 paise a litre each.
According to a price notification from fuel retailers, petrol in Delhi costs Rs 105.41 per litre and diesel Rs 96.67 per litre. In Mumbai, petrol and diesel prices per litre are at Rs 120.51 and Rs 104.77 respectively. In Chennai, petrol costs Rs 110.85 per litre and diesel Rs 100.94 per litre. In Kolkata, petrol is at Rs 115.12 per litre and diesel Rs 99.83 per litre.
The OMCs started to increase retail prices of petrol and diesel from March 22. In March, petrol and diesel prices were hiked Rs 6.40 per litre each. And, in April so far, they were raised by Rs 3.60 per litre each. So, there is a net increase of Rs 10 per litre each.
India is 80 percent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement in crude prices. On a daily basis, oil marketing companies (OMCs) adjust the rates of petrol and diesel depending on the average price of benchmark fuel in the worldwide market over the previous 15 days and foreign exchange rates. Every day at 6 am, any changes in petrol and diesel prices take effect.
Further, the Indraprastha Gas (IGL) hiked the price of Compressed Natural Gas (CNG) on May 15 by Rs 2 per kg in Delhi-NCR. This took CNG prices to Rs 73.61 per kg in Delhi, Rs 76.17 per kg in Noida, and Rs 81.94 in Gurugram.