Global Factors Drive 1.6% Increase in Jet Fuel Prices
The price of jet fuel or ATF witnessed a 1.65 percent hike on Saturday, marking the first increase in rates after four months of reductions prompted by declining oil prices. In the national capital, the cost of Aviation Turbine Fuel (ATF) rose by Rs 1,476.79 per kilolitre, equivalent to 1.65 percent, reaching Rs 90,779.88 per kilolitre. State-owned fuel retailers highlighted this adjustment in a price notification they issued.
It is important to note that rates may differ across states due to various factors, including the local sales tax or VAT. The rise in prices can attribute to the increase in global rates following a four-month period of decline.
In the preceding four monthly revisions, the first day of every month witnessed consistent reductions in jet fuel prices. The last revision, which took place on June 1, resulted in a decrease of Rs 6,632.25 per KL for ATF prices.
There was no observed change in commercial LPG prices, primarily utilized by establishments such as hotels and restaurants, in Delhi. However, Mumbai, Kolkata, and Chennai witnessed slight increments in petrol and diesel prices.
In the national capital, the price of a 19-kg commercial LPG cylinder remained steady at Rs 1,773, while in Mumbai, it increased by Rs 8.50 per cylinder, reaching Rs 1,733.50. Kolkata witnessed a price hike of Rs 20 per cylinder, bringing it to Rs 1,895, and in Chennai, the rate rose by Rs 8 to Rs 1,945 per 19-kg cylinder. Industry officials attributed the rate changes primarily to local taxes and transportation factors.
Commercial LPG in Three Months
The previous three monthly revisions for commercial LPG rates resulted in price cuts. Over these cuts, the prices of 19-kg cylinders decreased by Rs 346.5. Meanwhile, the price of domestic LPG, which is used for cooking purposes, remained unchanged at Rs 1,103 per 14.2-kg cylinder in the national capital.
The last revision for domestic LPG rates took place on March 1, when there was an increase of Rs 50 per cylinder. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) regularly adjust cooking gas and ATF prices on the 1st of each month based on the average international price in the preceding month.
Petrol and diesel prices have maintained a freeze for an unprecedented 15 consecutive months. The national capital offers petrol at a price of Rs 96.72 per liter, while diesel is available at Rs 89.62.
According to regulations, state-owned fuel retailers are expected to adjust petrol and diesel prices on a daily basis, considering a 15-day rolling average of international fuel prices. However, they have not implemented any changes since April 6, 2022.
The most recent adjustment took place on May 22, when the government reduced excise duty to alleviate the burden on consumers due to a surge in retail prices following a significant increase in global oil prices.
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