Jet gas value on Tuesday rose to report ranges throughout the nation following a steep 8.5 per cent hike necessitated attributable to a spike in worldwide oil costs.
While the jet gas or Aviation Turbine Fuel (ATF) value has been hiked for the third time in a month, petrol and diesel costs remained unchanged for a report 88th day in a row.
ATF value was hiked by Rs 6,743.25 per kilolitre or 8.5 per cent to Rs 86,038.16 per kl within the nationwide capital, in keeping with a value notification of state-owned gas retailers.
This is the very best ever value touched by ATF. The fee is increased than Rs 71,028.26 per kl reached in August 2008 when worldwide crude oil costs touched USD 147 per barrel. Brent crude oil on Tuesday was buying and selling at USD 91.21 per barrel.
The enhance in value will put stress on the already strained steadiness sheets of airways.
Tuesday’s value hike is the third enhance in a month. Rates have been hiked by Rs 2,039.63 per kl or 2.75 per cent to Rs 76,062.04 per kl on January 1 after which once more by Rs 3,232.87 per kl or 4.25 per cent to Rs 79,294.91 per kl on January 16.
These will increase within the fee got here on the again of two rounds of value cuts seen in December that mirrored a drop in worldwide oil costs throughout the second half of November and mid-December.
Thereafter, worldwide charges have firmed up, resulting in the hike in ATF costs.
ATF value had final peaked at Rs 80,835.04 per kl in mid-November 2021 earlier than it was reduce on December 1 and 15 by a complete of Rs 6,812.25 per kl or 8.4 per cent.
Jet gas costs are revised on the first and sixteenth of each month based mostly on the typical value of the worldwide benchmark within the previous fortnight.
Unlike ATF, petrol and diesel charges are revised every day after taking the typical value within the previous fortnight. But costs have remained unchanged since November 4, 2021, when the central authorities had reduce excise obligation on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre.
This is regardless of a wild swing in worldwide oil costs. Brent crude oil, the best-known worldwide benchmark, was at USD 82.74 per barrel on November 5, 2021, earlier than it began to fall and contact USD 68.87 a barrel on December 1.
Prices have climbed since and are actually close to USD 91, properly above the height of USD 86.40 touched on October 26, 2021, which had led to petrol and diesel costs spiking to an all-time excessive.
Petrol prices Rs 95.41 a litre in Delhi and diesel is priced at Rs 86.67, value info from state gas retailers confirmed.
Before the excise obligation reduce, petrol and diesel costs had touched an all-time excessive throughout the nation. While petrol had crossed the Rs 100 a litre mark in most cities, diesel was above that degree in almost half the nation.
In Delhi, petrol got here for Rs 110.04 a litre and diesel for Rs 98.42.
Prices had eased from an all-time excessive on November 4, 2021 after the Union authorities had reduce excise obligation on petrol by Rs 5 per litre and diesel by Rs 10 a litre.
States additionally reduce native gross sales tax or VAT on the 2 fuels — BJP-ruled states on the identical day and a few others at differing dates thereafter. But apart from these two, the idea charges have remained unchanged.
