In line with worldwide oil prices spiking to over seven-year highs, jet fuel prices were boosted by 3.3 percent to all-time highs across the country on Tuesday. Following an unrelenting rise in global oil prices, this is the fifth hike in jet fuel or Aviation Turbine Fuel (ATF) prices this year, but petrol and diesel prices remained constant for a record 116th day in a row, happened to coincide with electioneering to elect new governments in states like Uttar Pradesh and Punjab.
According to a price statement from state-owned gasoline dealers, the price of ATF was increased by Rs 3,010.87 per kilolitre, or 3.22 percent, to Rs 93,530.66 per kilolitre in the national capital.
Jet fuel, which accounts for over 40% of an airline's operating costs, has reached fresh highs this year.
In August 2008, when international crude oil prices reached USD 147 per barrel, the previous high of Rs 71,028.26 per kilo was set. Brent crude oil was trading above USD 100 per barrel on Tuesday.
Since the beginning of 2022, ATF prices have risen every two weeks. ATF prices have risen by Rs 19,508.25 per kilo, or 26.35 percent, in five rises since January 1.
These rate hikes followed two rounds of price cuts in December, which reflected a decline in worldwide oil prices between the second part of November and the middle of December.
Following that, foreign rates have firmed, resulting in an increase in ATF costs.
ATF prices peaked in mid-November 2021 at Rs 80,835.04 per kl before being dropped by a total of Rs 6,812.25 per kl or 8.4% between December 1 and 15.
Unlike ATF, petrol and diesel rates are updated daily based on the previous fortnight's average price. However, since the latest revision on November 4, 2021, when the national government reduced excise tax on petrol by Rs 5 per litre and diesel by Rs 10 per litre, prices have stayed steady.
LPG rates have also been frozen since October, when they reached Rs 900 per cylinder.
(With inputs from PTI)