Jet fuel (ATF) prices fell by 2.2% on Saturday, July 16, 2022, reflecting the fall in international oil prices.
aviation turbine fuel (ATF) prices were cut by ₹3,084.94 per kl, or 2.2%, to ₹138,147.93 per kl, a price notification from state-run fuel retailers showed.
This is the second rate cut this year. Prices had increased to ₹141,232.87 per kiloliter (₹141.23 per liter) last month.
ATF prices are revised on 1st and 16th of every month based on benchmark rates international oil rates in the last fortnight.
There was no change in rates on July 1.
Earlier, prices were hiked by the fastest ever 16% to push rates to an all-time high.
International oil prices have softened since fears of a slowdown in major economies. Oil prices in Ukraine are at pre-war levels.
On June 16, the price of ATF – the fuel that helps airplanes fly – was increased by Rs 19,757.13 per kilolitre. This was followed by a marginal 1.3% (₹1,563.97 per kiloliter) rate cut on June 1.
But ATF prices have increased during 2022 to make up for the unilateral reduction on 1 June.
Since the beginning of the year till now, the total rates have been increased 11 times. This has almost doubled the rates in six months.
Before the cut on Saturday, the prices had increased by 91% (₹67,210.46 per kiloliter) from January 1. With jet fuel about 40% of an airline’s operating cost, the increase in prices resulted from the increase. flight cost. Now there is some relief.
No change in the rate of petrol and diesel
Meanwhile, petrol and diesel prices remained unchanged at ₹96.72 per liter and ₹89.62 per liter respectively.
The cut in excise duty by the government had helped reduce the price of petrol by Rs 8.69 per liter and diesel by Rs 7.05 per liter on May 22. But the base price for the same has remained unchanged from April 6.
Earlier, the prices were hiked by a record Rs 10 per litre.
The retail prices of petrol, diesel and domestic cooking gas are much below the cost. Rates of petrol and diesel are revised daily on the basis of similar rates in the international market.