New Delhi, Feb 15 (PTI) State-run oil firms today raisedjet fuel price by a massive 4 per cent, the ninth straightincrease in rates since October.
Aviation Turbine Fuel (ATF) rates in Delhi have beenhiked by Rs 2,104 per kilolitre, or 4.12 per cent, to Rs53,538 per kl with effect from midnight tonight, an officialof Indian Oil Corp, the nation''s largest fuel retailer, said.
The hike, the second biggest increase in a year, comes onthe back of another 4.5 per cent jump in rates effected fromFebruary 1.
"The hike has been necessitated because of spurt ininternational oil rates," the official said.
This is the ninth straight increase in jet fuel pricessince October 2010, when international crude oil pricesstarted soaring.
The ATF price in Delhi in October 1 was Rs 40,728.52 perkl. The rates were increased by Rs 12,334.48 per kl or 30.28per cent in nine tranches since then, in tandem with surge inglobal oil prices.
Jet fuel will cost Rs 53,538 per kl in Mumbai, home tothe nation''s busiest airport, from tomorrow, as against Rs51,332.82 per kl currently.
No comment could be immediately obtained from airlinecompanies on the impact of the latest price hike on passengerfares.
Fuel cost accounts for 40 per cent of the airlines''operating cost.
Indian Oil Corp and sister public sector retailers BharatPetroleum and Hindustan Petroleum revise jet fuel prices onthe 1st and 16th of every month, based on the averageinternational price in the preceding fortnight.