Halting a declining trend of last month, jet fuel or ATF price has been hiked by 2.75 per cent on firming international oil prices, while cooking gas LPG rate has seen the first decline since October.
Aviation turbine fuel (ATF) price has been hiked by Rs 2,039.63 per kilolitre, or 2.75 per cent, to Rs 76,062.04 per kl in the national capital, according to a price notification of state-owned fuel retailers.
The increase in rates comes on back of two rounds of price cuts seen in December that reflected a drop in international oil prices during the second half of November and mid-December.
Thereafter, international rates have firmed up, leading to the hike in ATF price.
ATF price had peaked to Rs 80,835.04 per kl in mid-November before it was cut on December 1 and 15 by a total of Rs 6,812.25 per kl or 8.4 per cent.
Jet fuel prices are revised on 1st and 16th of every month based on average price of international benchmark in the preceding fortnight.
Unlike ATF, commercial LPG rates are revised on 1st of every month after taking the average price in the preceding month.
The price of a 19-kg LPG cylinder, which is used in commercial establishments like hotels and restaurants, has been accordingly cut by Rs 102.5.
This is the first reduction since October 6. Rates had gone up from Rs 1,734 per 19-kg cylinder to Rs 2101 on December 1.
However the price of LPG used in domestic kitchens remains unchanged at Rs 899.50 per 14.2-kg cylinder. This rate has not changed since October 6, prior to which it had gone up by almost Rs 100 since July 2021.
Petrol and diesel prices too have not changed for almost two months now. Petrol costs Rs 95.41 a litre in Delhi and diesel comes for Rs 86.67 per litre.
While the rates are to be revised on a daily basis based on a 15-day rolling average of the benchmark international fuel, prices have not changed since November 4, 2021 when the Union government had cut excise duty on the two fuels.
Prices had eased from an all-time high on November 4, 2021 after the Union government had cut excise duty on petrol by Rs 5 per litre and diesel by Rs 10 a litre.
States too cut local sales tax or VAT on the two fuels - BJP ruled states on the same day and some others at differing dates thereafter. But other than these two, the basis rates have remained unchanged.
Petrol used to cost Rs 110.04 a litre in Delhi on November 3, 2017 and diesel was priced at Rs 98.42 a litre. The current rate after accounting for a cut in excise duty and VAT.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU