The Indian Oil Corporation (IOC) has announced a hike in jet fuel prices by 5 percent, taking it to Rs 1.23 lakh per kilolitre in Delhi, CNBC-TV18 reported today on May 16. The aviation turbine fuel (ATF) prices have been hiked 61.7 per cent from Rs 72,062 per kl to Rs 1.23 lakh per kl since January.
On Saturday, one litre of petrol in Delhi is retailing at Rs 105.41 per litre, while one litre of diesel is retailing in the national capital for Rs 96.67 per litre. In Mumbai, consumers of petrol will be paying Rs 120.51 for one litre and consumers of diesel in the financial capital of the country will pay Rs 104.77 for a litre. In Kolkata, a litre of petrol is being sold for Rs 115.12, while a litre of diesel in the capital city of West Bengal is being sold for Rs 99.83. In Chennai, petrol retail price for Saturday is Rs 110.85 per litre while diesel retail price in the capital city of Tamil Nadu stands at Rs 100.94 per litre.
Public sector OMCs revise the fuel prices regularly. Companies like Indian Oil Corporation Ltd (IOCL), Hindustan Petroleum Corporation Ltd (HPCL), and Bharat Petroleum Corporation Ltd (BPCL) make the price revisions influenced by factors like benchmark international crude oil prices and foreign exchange rates. Petrol and diesel price revisions made by these OMCs are implemented with effect from 6 am daily.
Fuel price revision varies from state to state since they are influenced by factors like local taxes, VAT (Value Added Tax), freight charges, among others. As per a report in Reuters, Brent crude futures were up 97 cents at $108.42 a barrel while U.S. West Texas Intermediate (WTI) crude futures climbed $1.00 to $107.13 a barrel.