New Delhi: Halting a declining trend of last month, jet fuel or ATF price has been hiked by 2.75 percent on firming international oil prices while cooking gas LPG rate has seen the first decline since October.
Aviation turbine fuel (ATF) price has been hiked by Rs 2,039.63 per kilolitre, or 2.75 percent, to Rs 76,062.04 per kg in the national capital, according to a price notification of state-owned fuel retailers.
The increase in rates comes on the back of two rounds of price cuts seen in December that reflected a drop in international oil prices during the second half of November and mid-December.
Thereafter, international rates have firmed up, leading to the hike in ATF prices.
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ATF price had peaked to Rs 80,835.04 per kg in mid-November before it was cut on December 1 and 15 by a total of Rs 6,812.25 per kg or 8.4 percent.
Jet fuel prices are revised on the 1st and 16th of every month based on the average price of the international benchmark in the preceding fortnight.
Unlike ATF, commercial LPG rates are revised on the 1st of every month after taking the average price in the preceding month.
The price of a 19-kg LPG cylinder, which is used in commercial establishments like hotels and restaurants, has been accordingly cut by Rs 102.5.
This is the first reduction since October 6. Rates had gone up from Rs 1,734 per 19-kg cylinder to Rs 2101 on December 1.
However, the price of LPG used in domestic kitchens remains unchanged at Rs 899.50 per 14.2-kg cylinder. This rate has not changed since October 6, before which it had gone up by almost Rs 100 since July 2021.
Petrol and diesel prices have not changed for almost two months now. Petrol costs Rs 95.41 a liter in Delhi and diesel comes for Rs 86.67 per liter.
While the rates are to be revised daily based on a 15-day rolling average of the benchmark international fuel, prices have not changed since November 4, 2021, when the Union government had cut excise duty on the two fuels.
Prices had eased from an all-time high on November 4, 2021, after the Union government had cut excise duty on petrol by Rs 5 per liter and diesel by Rs 10 a liter. States to cut local sales tax or VAT on the two fuels – BJP ruled states on the same day and some others at differing dates thereafter. But other than these two, the basis rates have remained unchanged.
Petrol used to cost Rs 110.04 a liter in Delhi on November 3, 2017, and diesel was priced at Rs 98.42 a liter. The current rate after accounting for a cut in excise duty and VAT.