NEW DELHI: Jet fuel (ATF) prices rose 3.3% to a record high today, surpassing a seven-year high, as global crude prices rose.
The ATF price in the state capital was raised by Rs 3,010.87 per kilolitre, or 3.22 per cent, to Rs 93,530.66 per kilolitre, according to a price announcement from state fuel distributors.
Kerosene, which accounts for nearly 40 percent of airline operating costs, has surged to new highs this year.
It was the fifth increase in jet fuel prices this year, in stark contrast to gasoline and diesel prices, which have been flat for 116 straight days. Although the stability of fuel prices is attributed to the current general elections in Uttar Pradesh and Manipur, which were recently completed in Punjab, Uttarakhand and Goa.
In August 2008, when the international crude oil price reached $147 per barrel, it hit a record high of Rs 71,028.26 per kiloliter. Brent crude traded above $100 a barrel on Tuesday.
ATF prices have risen every two weeks since the beginning of 2022. ATF price rose by Rs 19,508.25/kl, or 26.35%, in five hikes from January 1.
The gains occurred in two rounds of price cuts in December, reflecting lower international oil prices in the second half of November and mid-December.
Since then, international rates have strengthened, leading to higher ATF prices.
Complete News Source : NDTV
