New Delhi, May 1: Jet Airways and SpiceJet are on a spree to hike fares this summer. The hike is the result of an increase of nine to 10 per cent in prices of jet fuel. The price of the Aviation Turbine Fuel (ATF) in Mumbai has been hiked by Rs 5,276 per 1,000 litre effective Thursday midnight, an official of Indian Oil Corp, the nation's largest fuel retailer, said. ATF prices have been increased to Rs 58,387.92 per 1,000 litre in New Delhi from Rs 53,309.30 per 1,000 litre in March.
The airlines will increase their fuel surcharge from Rs 1,800 to Rs 1,950 for routes up to 750 km and from Rs 2,000 to Rs 2,350 for routes longer than 750 km.
Other airlines are likely to follow suit and increase their fuel surcharge.
Jet Airways and SpiceJet will increase the surcharge by Rs 150 on short-haul routes and Rs 350 on long-haul routes, sources in the airlines were quoted as saying by news agencues.
While Jet will make the hike effective from May 3, SpiceJet will do it from May 2.
The crude oil has touched $120 a barrel mark in the international markets, putting financial pressure on oil firms.