OMCs hike Jet Fuel price by 1.4%
Petrol, Diesel prices remain stable for 17th straight day
Biznextindia : While Petrol and Diesel prices remain unchanged for the 17th straight day on Tuesday, the state run Oil Marketing Companies have raised Jet Fuel (ATF) price by 1.4 per cent. With this hike, ATF price has surpassed Rs. 60,000 per kilolitre.
According to the data uploaded by Indian Oil Corporation (IOCL), ATF price in Delhi has been hiked by Rs.860/Kilolitre or 1.4 per cent to Rs.60,261.16. Similarly, ATF price in Mumbai, Chennai and Kolkata has been hiked to Rs. 58,366.02, Rs. 61,503.43 and Rs. 64,633.56 respectively.
State run Oil marketing Companies (OMCs) revise ATF prices on every fortnight. On March 1, OMCs hiked ATF price by stiff 6.5 per cent or Rs.3,663 per kilolitre to Rs.59,400.91 per kilolitre. In February 16, ATF price was hiked by 3.6 per cent to Rs. 55,737.91 in Delhi.
ATF prices are on the rise since October 2020 as global prices firmed up on various reasons like improved demand and output curb by the OPEC+ countries.
Continuous rise in ATF price is expected to dampen the recovery of the Aviation industry as ATF cost account almost one fourth of the overall costs of major airlines.
The aviation industry is going through a challenging period since last year owing to travel restrictions imposed by several countries including India due to the pandemic.