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| Oil companies raise ATF rates by about 2% |
| Press Trust Of India / New Delhi Jan 01, 2011, 00:26 IST |
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State-owned oil firms today raised jet fuel prices by almost 2 per cent, the sixth straight increase in rates since October when international crude oil prices started climbing. Prices of aviation turbine fuel, or ATF, in Delhi have been increased by Rs 935 a kilolitre, or 1.99 per cent, to Rs 47,816 per kl with effect from Friday midnight, an official of Indian Oil Corp (IOC), the nation's largest fuel retailer, said.
The latest increase comes on the back of a massive 3.6 per cent hike on December 15. With this raise, IOC and sister public sector retailers Bharat Petroleum and Hindustan Petroleum have raised prices of ATF, on six occasions since October.
The ATF price in Delhi on October 1 was Rs 40,728.52 per kl. The rates were raised 17.4 per cent in six tranches since then, in tandem with a surge in global oil prices to the $90-per-barrel mark.
Jet fuel will cost Rs 48,059 per kl in Mumbai, home to the nation’s busiest airport, from tomorrow, as against Rs 47,084.40 per kl currently. No comment could be immediately obtained from airline companies, for whom fuel cost accounts for 40 per cent of their operating cost, on the impact of the latest price increase on passenger fares. The three state-owned oil retailers revise jet fuel prices on the first and 16th of every month, based on the average international price in the preceding fortnight. In Kolkata, the ATF price has been hiked by Rs 974 to Rs 55,158 per kl, while in Chennai, it will cost Rs 51,275 per kl as against Rs 50269.99 per kl currently.
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