NEW DELHI, Oct 1: On Sunday, the price of jet fuel, or ATF, was increased by 5%, marking the fourth consecutive monthly increase since July. In addition, the cost of commercial cooking gas, or LPG, was sharply increased by Rs 209 per 19-kg cylinder, in keeping with the firming up of international benchmarks. However, the cost of residential LPG, which is used to cook in domestic kitchens, remained constant at Rs 903 per 14.2-kg cylinder. According to a price statement from state-owned fuel dealers, the price of aviation turbine fuel (ATF) increased by Rs 5,779.84 per kilolitre, or 5.1%, in the national capital to Rs 118,199.17 per kl from Rs 112,419.33.The hike follows the largest increase ever of 14.1% (Rs 13,911.07 per kilo) on September 1 and an increase of 8.5% (Rs 7,728.07 per kilo) on August 1. The burden on already struggling airlines will grow as a result of the fourth consecutive increase in jet fuel prices, which account for 40% of an airline’s operating expenses. ATF price increased by 1.65% or Rs 1,476.79 per litre on July 1. ATF prices have increased by a record Rs 29,391.08 per kiloliter in just four rises.In addition, oil companies increased the cost of commercial LPG, which is used in places like hotels and restaurants, by Rs 209. In the national capital and Mumbai, a 19-kg commercial LPG cylinder will now set you back Rs 1,731.50 and Rs 1,684, respectively. The hike partially offsets the price reductions of Rs. 100 from August 1 and Rs. 157.5 per cylinder for commercial LPG that were implemented on September 1. The benchmark for LPG pricing, the Saudi contract price (CP), has climbed as a result of the recent firming trend in crude oil prices brought on by supply concerns.Oil firms did not alter the price of 14.2-kg cylinders after cutting residential LPG rates on August 30 by Rs 200 per 14.2-kg cylinder. The prices of cooking gas and ATF are revised by the state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) on the first of every month based on the monthly average international price. For an unprecedented 18th consecutive month, the price of petrol and diesel remained frozen. In the nation’s capital, a litre of petrol costs Rs 96.72 and a litre of diesel costs Rs 89.62.Since April 6, 2022, state-owned gasoline retailers have not updated their daily petrol and diesel prices, which are based on a 15-day rolling average of benchmark international fuel prices. The last time prices changed was on May 22, when the government reduced excise duty to provide customers with relief from a jump in retail prices that accompanied a rise in global oil prices. (Agencies)
