Jet fuel prices raised by over 3.2 %
16 August 2012
Jet fuel or ATF prices were today increased by over 3.2 per cent, the third straight hike since July, further burdening the cash-strapped airlines.
According to Indian Oil Corporation, the price of aviation fuel (ATF), or jet fuel in Delhi was hiked by Rs2,130.17 per kilolitre (kl), or 3.27 per cent, to Rs67,135.76 per kl.
The rate hike comes on top of a steep 4.5 per cent rate increase effected from 1 August and has wiped off all price reduction in May and June.
IOC and two other state-owned fuel retailers had on 16 July increased rates by 1.7 per cent or Rs1,039.1 per kl and followed it up with a Rs2,797.41 per kl price hike on 1 August.
The increases break a six fortnight trend of rates reduction, including a steep 5 per cent (Rs3,260 per kl) cut effected from 16 June, and about 2 per cent (Rs1,241 per kl) fall in prices from 1 July.
Jet fuel, had hit an all-time high peak of Rs71,028.26 per kl in August 2008, shortly after international oil rates hit a record $147 per barrel, falling to an eight-month low of Rs61,169.08 per kl in early July.