new Delhi: Aviation turbine fuel (ATF) rates were raised on Friday by 2 per cent, the seventh consecutive increase in 2022, reflecting a rise in global energy prices.
Jet fuel, which helps airplanes fly, was increased by Rs 2,258.54 per kl (2 per cent) to Rs 1,12,924.83 per kl in Delhi, PTI quoted state-run fuel retailers as saying in its report. .
India is majorly dependent on imports to meet its oil requirements with 85 per cent of its oil imports. Retail rates are subject to change in line with fluctuations in global prices.
However, there was no change in the prices of petrol and diesel on Friday. Before the second stoppage in 11 days, auto fuel rates were increased by Rs 6.40 per litre.
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The increase in ATF price comes after the sharpest ever hike of 18.3 per cent (Rs 17,135.63 per kiloliter) effective March 16.
Typically, jet fuel prices are revised on the 1st and 16th of every month based on the average international price of the benchmark fuel over the previous fortnight.
Jet fuel, which accounts for about 40 per cent of an airline’s operating cost, has hit new highs this year.
ATF prices have gone up every fortnight since the beginning of 2022.
ATF prices have been increased by 38,902.92 kiloliters, or nearly 50 per cent, in seven hikes starting January 1.
The government has more than doubled the price of domestically produced natural gas amid rising fuel prices globally. The new price will be applicable from 1st April to 30th September 2022.
A rise in the price of natural gas will increase the cost of electricity generation, hence increasing electricity rates. However, this is unlikely to have much impact on customers as very little electricity is currently being generated from natural gas. But fertilizer can be expensive.