ATF prices hiked by 16%, touch new record, as global crude prices soar

Jet fuel prices on Thursday had been hiked by the steepest ever 16 per cent to catapult charges to an all-time excessive consistent with hardening worldwide oil charges.

The value of aviation turbine gas (ATF) — the gas that helps aeroplanes fly — has been elevated by Rs 19,757.13 per kilolitre, or 16.26 per cent, to Rs 1,41,232.87 per kl (Rs 141.2 per litre) within the nationwide capital, in response to a value notification of state-owned gas retailers.

The hike, which comes on the again of a marginal 1.3 per cent (Rs 1,563.97 per kl) reduce in price earlier this month, takes jet fuel prices to file excessive throughout the nation.

The improve is consistent with firming worldwide oil charges. Brent – the world’s hottest crude oil benchmark – was on Thursday buying and selling at USD 119.16 per barrel – the very best in virtually a decade.

ATF prices are revised on the first and sixteenth of each month primarily based on the common of benchmark worldwide charges.

The improve in jet fuel value will elevate the working price for airlines. ATF makes as much as 40 per cent of an airline’s working price.

The June 1 discount had come after 10 rounds of value will increase this 12 months.

ATF in Mumbai now prices Rs 1,40,092.74 per kl, whereas it’s priced at Rs 1,46,322.23 in Kolkata and Rs 1,46,215.85 in Chennai.

Rates differ from state to state, relying on the incidence of native taxation.

Meanwhile, petrol and diesel prices remained unchanged at Rs 96.72 per litre and Rs 89.62 a litre, respectively. An excise obligation reduce by the federal government had helped scale back petrol by Rs 8.69 a litre and diesel by Rs 7.05 per litre on May 22, however for that, the bottom value has remained unchanged since April 6. Before that, prices had risen by a file Rs 10 per litre every.

The retail prices of petrol, diesel and home cooking fuel are means under the price.

Petrol and diesel charges are revised day by day, primarily based on equal charges within the worldwide market.

Fuel charges have been on the rise in India as a result of vitality prices globally have risen on the again of provide issues following, Russia’s invasion of Ukraine and demand returning after being hit by the pandemic. India is 85 per cent depending on imports to fulfill its oil wants.

To compound issues, the rupee has depreciated towards the US greenback, making imports costlier.

(Only the headline and film of this report could have been reworked by the Business Standard employees; the remainder of the content material is auto-generated from a syndicated feed.)

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