jet fuel prices On February 16, international oil prices rose to record highs across the country after a 5.2% increase in rates in line with the increase.
This is the fourth hike in jet fuel or aviation turbine fuel (ATF) prices came less than two months after the hike in global oil prices, but petrol and diesel prices remained unchanged for the 103rd consecutive day, thanks to the election of new governments in states such as Uttar Pradesh and Punjab. coincides with the election campaign.
According to the price notification of state-owned fuel retailers, the ATF price in the national capital rose by ₹4,481.63 per kl or 5.2% to ₹90,519.79 per kl.
This is the highest price ever touched by the ATF. The rate is higher than ₹71,028.26 per kiloliter when international crude oil prices reached $147 a barrel in August 2008. Brent crude oil was trading at $93.87 per barrel on Tuesday.
The hike in prices will put pressure on the already strained balance sheets of airlines that are yet to resume full operations due to pandemic-related restrictions.
Wednesday’s price hike is the fourth hike this year. The rates were hiked by ₹2,039.63 per kiloliter or 2.75% to ₹76,062.04 per kiloliter on January 1, and then to ₹79,294.91 per kiloliter from ₹3,232.87 per kiloliter (4.25%) on January 16. They went up to ₹6,743.25 per kiloliter or 8.5. % to ₹86,038.16 as on 1st February
With four hikes, ATF prices have gone up to Rs 16,497.38 per kilolitre. These rate hikes came after two rounds of price cuts in December, reflecting the fall in international oil prices in the second half of November and mid-December.
Subsequently, international rates have firmed up, leading to a rise in ATF prices.
ATF prices last touched 80,835.04 per kl in mid-November 2021, before a total cut of 6,812.25 per kl, or 8.4%, on December 1 and 15.
Jet fuel prices are revised on 1st and 16th of every month based on the average price of international benchmarks over the last fortnight.
Unlike ATF, the rates of petrol and diesel are revised daily after taking the average price over the previous fortnight. But the prices have remained unchanged from November 4, 2021, when the central government cut excise duty on petrol by Rs 5 per liter and on diesel by Rs 10 per liter.
This is despite the huge fluctuations in international oil prices. Brent crude oil, the most famous international benchmark, was at $82.74 a barrel on November 5, 2021, before it started falling and touched $68.87 a barrel on December 1.
Prices have since climbed up and are now near $94, up from the October 26, 2021 high of $86.40 that led to petrol and diesel prices hitting an all-time high.
Petrol in Delhi costs ₹95.41 per liter and diesel costs ₹86.67, state fuel retailers’ price information has revealed.
Before the cut in excise duty, petrol and diesel prices had touched an all-time high across the country. While petrol had crossed the ₹100 per liter mark in most cities, diesel was above that level in almost half the country.
Petrol in Delhi was Rs 110.04 a liter and diesel Rs 98.42 a liter.
After the central government cut excise duty on petrol by Rs 5 per liter and on diesel by Rs 10 per liter, the prices were reduced to an all-time high on November 4, 2021.
The states had also cut local sales tax or VAT on two fuels – on the same day in the BJP-ruled state and some others on different dates thereafter. But apart from these two, there has been no change in the base rate.
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