ATF price hiked by steep 7%; LPG up ₹2 per cylinder

Jet fuel or ATF price was on Friday hiked by a steep 7 percent to a four-year high, while subsidised cooking gas LPG rates increased by over Rs 2 per cylinder, reflecting trends in the international oil market.

Aviation turbine fuel (ATF) price was raised by Rs 4,688 per kilolitre, or 7.17 percent, to Rs 70,028 per kl in Delhi, according to state-owned oil firms.

This is the second straight increase in jet fuel rates in as many months. ATF price was on May 1 raised by Rs 3,890 per kl (6.3 percent) to Rs 61,450 per kl. The two hikes have taken jet fuel rates to their highest level since May 2014.

Simultaneously, oil firms raised the price of subsidised LPG to Rs 493.55 per cylinder from Rs 491.21 in Delhi. It now costs Rs 491.31 in Mumbai and Rs 496.65 in Kolkata.

The price of market rate LPG or non-subsidised cooking gas was also hiked by Rs 48.50 per bottle to Rs 698.50. The increase comes on the back of five monthly reductions since January.

The trend of minuscule reduction in petrol and diesel prices in India continued for the third consecutive day on Friday with oil firms cutting rates by six paise and five paise a litre respectively.

The reductions follow softening of international oil rates and the rupee gaining against the US dollar.

Petrol in Delhi now costs Rs 78.29 a litre, down from Rs 78.35, according to a price notification issued by state-owned oil firms.

Diesel rates have been cut to Rs 69.20 per litre from Rs 69.25.

This is the third reduction in rates coming after 16 days of relentless price hikes that followed lifting of a nearly three-week hiatus on price revision just before the southern state of Karnataka went to polls.