Jet fuel prices on Saturday were hiked by a marginal 0.2 per cent -- the eighth straight increase this year -- to an all-time high, reflecting a surge in global energy prices.
The price of aviation turbine fuel (ATF) -- the fuel that helps aeroplanes fly -- was hiked by Rs 277.5 per kilolitre, or 0.2 per cent, to Rs 1,13,202.33 per kl (Rs 113.2 per litre) in the national capital, according to a price notification of state-owned fuel retailers.
While jet fuel prices are revised on the 1st and 16th of every month, petrol and diesel rates are revised daily based on equivalent rates in the international market.
The increase in ATF price comes on the back of the steepest ever hike of 18.3 per cent (Rs 17,135.63 per kl) effected on March 16 and a 2 per cent (Rs 2,258.54 per kl) increase on April 1.
ATF in Mumbai now costs Rs 111,981.99 per kl, while it is priced at Rs 117,753.60 in Kolkata and Rs 116.933.49 in Chennai.
Fuel rates have been increased in India because energy prices globally have risen on the back of supply concerns following Russia's invasion of Ukraine and demand returning after being hit by the pandemic.
India is 85 per cent dependent on imports to meet its oil needs.
Jet fuel, which makes up for almost 40 per cent of the running cost of an airline, has this year surged to new highs.
ATF prices have increased every fortnight since the start of 2022. In eight hikes beginning January 1, ATF prices have been increased by Rs 39,180.42 or almost 50 per cent.