New Delhi, March 1 : Indian Oil Corp (IOC), the nation’s largest oil company, on Sunday increased Aviation Turbine Fuel (ATF) — or jet fuel — prices by a steep 8.2 percent and of non-subsidised cooking gas (LPG) by Rs.5 per cylinder consequent to recent upward movement of international crude oil rates which earlier plunged to near six-year lows. Jet fuel in Delhi was hiked by Rs.3,849.97 per kilolitre, or 8.2 percent, to Rs.50,363 per kl. (Read: Petrol price cut by Rs 2.42 a litre; diesel 2.25 per litre)
The hike follows seven consecutive monthly cuts since August, which saw ATF price cut by Rs.23,648.73 or 33 percent. State-run IOC, earlier on Saturday, hiked the rates of petrol and diesel by over Rs.3 each (ex-Delhi) citing the rise in crude prices in their announcement made on the day the union budget for 2015-16 was presented.
Oil marketing companies (OMCs) also hiked the price of non-subsidised, or market-priced LPG by Rs.5 to Rs.610 per 14.2 kg cylinder in Delhi. Customers can purchase non-subsidised gas after exhausting their quota of 12 cylinders at subsidised rates. A subsidised LPG cylinder currently costs Rs.417 in Delhi.
The price of non-subsidised LPG was last cut on February 1 by Rs.103.50. OMCs revise jet fuel and non-subsidised LPG prices on the first of every month based on average imported cost and the rupee-dollar exchange rate. The Indian basket of crude oil traded on Thursday at $59.19 per barrel.
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