Jet fuel price hiked by 2%

Jet fuel prices were today hiked by 2 percent, reversing the two month declining trend in rates. Aviation Turbine Fuel (ATF) price at T3 terminal in Delhi was hiked by Rs 1324.84 per kilolitre (kl), or 2 percent, to Rs 67561.04 kl from today, according to Indian Oil Corp , the nation's largest fuel retailer.

The increase comes on back of successive reductions in December and January when rates were cut by Rs 688.4 per kl and Rs 1472.92 per kl respectively. In Mumbai, jet fuel will cost Rs 69,826.98 per kl as against Rs 68,446.91 currently.

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Rates at different airports vary because of differential in local sales tax or VAT. Kolkata would see price increase of Rs 1432.19 to Rs 76,586.20 per kl while it will cost Rs 73,516.67 in Chennai as against Rs 72,057.08 previously.

Jet fuel constitutes over 40 percent of an airline's operating costs and the increase in prices will add to burden of the cash-strapped airlines. No immediate comments were available from the airlines on the impact of the price increase on passenger fares.

The three fuel retailers -- IOC, Hindustan Petroleum and Bharat Petroleum -- revise jet fuel prices on the 1st of every month, based on the average international price in the preceding month.

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