Indian Oil hikes jet fuel prices, cuts non-subsidised LPG rate

State-run Indian Oil Corp hiked the price of aviation turbine fuel (ATF) or jet fuel by 2.9 per cent to Rs 1,539 per kilolitre (kl), effective from Wednesday, the company announced.

ATF now costs Rs 54,079.63 per kl in New Delhi. Prices vary at airports depending on local taxes.

The oil marketer, however, cut by Rs 66.50 the rate of the non-subsidised liquefied petroleum gas cylinder of 14.2 kg, which customers purchase at market price after exhausting the subsidised quota.

A non-subsidised 14.2 kg cooking gas cylinder now costs Rs 651.50 here.

State-run oil marketers revise ATF prices on the first of every month.

Aviation stocks, including those of SpiceJet, Jet Airways and IndiGo, fell following the hike in ATF prices.

The stocks of Jet Airways went down by 3.75 per cent around 10.50 a.m. to touch Rs 390.25.

SpiceJet's scrip was lower by 2.08 per cent to Rs 63.50. IndiGo's stocks were down 7.31 per cent to Rs 835.

As per available data, the Indian basket of crude oils closed trade on Monday at $54.63 per barrel.