New Delhi: Aviation turbine fuel (ATF) rates on Friday were raised by 2 per cent, the seventh straight increase in 2022, to an all-time high, reflecting a surge in global energy prices.
The PTI in its report, quoting state-run fuel retailers, said jet fuel, which helps aeroplanes fly, was hiked by Rs 2,258.54 per kilolitre (kl) (2 per cent) to Rs 1,12,924.83 per kl in Delhi.
India is majorly dependent on imports with 85 per cent of oil being imported for meeting its oil needs. The retail rates are changed in tune with the movement in global prices.
However, there was no change in the price of petrol and diesel on Friday. Prior to the second pause in 11 days, auto fuel rates had gone up by Rs 6.40 per litre.
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The increase in ATF price comes on back of the steepest ever hike 18.3 per cent (Rs 17,135.63 per kl) effected on March 16.
Usually, jet fuel prices are revised on the 1st and 16th of every month based on the average international price of benchmark fuel in the preceding fortnight.
Jet fuel, which makes up for almost 40 per cent of the running cost of an airline, has this year surged to new highs.
ATF prices have increased every fortnight since the start of 2022.
In seven hikes beginning January 1, ATF prices have been increased by Rs 38,902.92 kl or nearly 50 per cent.
The government has more than doubled the price of domestically produced natural gas amid a rise in fuel prices globally. The new price will be applicable from April 1 to September 30, 2022.
With the increase in the price of natural gas, the cost of power generation will increase, hence it will increase the electricity rates. However, this is unlikely to have much impact on the customers as very little electricity is being generated from natural gas at present. But fertilizer can be expensive.