ATF Price Hiked By 16.3%; Petrol Up 47 Paise, Diesel Up 93 Paise
Jet fuel or aviation turbine fuel price was hiked by 16.3% on Tuesday while petrol price was increased by 47 paise per litre and that of diesel by a record 93 paise on the back of firming international oil rates.
Aviation turbine fuel price was hiked by Rs 5,494.5 per kilolitre, or 16.3%, to Rs 39,069.87 per kl in the national capital, according to a price notification by state-owned oil marketing companies.
This is the second straight increase in ATF price this month. Rates were hiked by a record 56.5% (Rs 12,126.75 per kl) on June 1.
Simultaneously, petrol and diesel prices were hiked for the 10th day in a row. Petrol price in Delhi was hiked to Rs 76.73 per litre from Rs 76.26, while diesel rates were increased to Rs 75.19 a litre from Rs 74.26, the price notification said.
In 10 hikes, petrol price has gone up by Rs 5.47 per litre and diesel by Rs 5.8 a litre.
Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or value added tax.
The hike in diesel rates is the highest daily increase since the state-owned fuel retailers started daily revision in rates in May 2017.
Qil refiners resumed daily price revisions in line with costs on June 7, after ending an 82-day hiatus. Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. were adjusting excise duty hikes against the fall in retail rates that was warranted because of the fall in international oil prices, instead of passing them on to the customers.
The June 1 hike in jet fuel price had come after seven consecutive reductions in rates since February. ATF price in Delhi before the reduction cycle began in February was Rs 64,323.76 per kilolitre, which got reduced to Rs 21,448.62 last month.
Industry officials said the hike was necessitated because benchmark international rates have bounced back from a two-decade low.
While ATF prices are revised on 1st and 16th of every month, petrol and diesel prices are revised on a daily basis.
Oil companies used to revise ATF prices on the first of every month, but adopted fortnightly revisions on March 21 to pass on the benefit of falling international oil prices to airlines.