Indian Oil Corp (IOC), the nation’s largest oil company, on Sunday increased Aviation Turbine Fuel (ATF) — or jet fuel — prices by a steep 8.2 percent and of non-subsidised cooking gas (LPG) by Rs.5 per cylinder consequent to recent upward movement of international crude oil rates which earlier plunged to near six-year lows.
Jet fuel in Delhi was hiked by Rs.3,849.97 per kilolitre, or 8.2 percent, to Rs.50,363 per kl. The hike follows seven consecutive monthly cuts since August, which saw ATF price cut by Rs.23,648.73 or 33 percent.
State-run IOC, earlier on Saturday, hiked the rates of petrol and diesel by over Rs.3 each (ex-Delhi) citing the rise in crude prices in their announcement made on the day the union budget for 2015-16 was presented.
Oil marketing companies (OMCs) also hiked the price of non-subsidised, or market-priced LPG by Rs.5 to Rs.610 per 14.2 kg cylinder in Delhi. Customers can purchase non-subsidised gas after exhausting their quota of 12 cylinders at subsidised rates.
A subsidised LPG cylinder currently costs Rs.417 in Delhi. The price of non-subsidised LPG was last cut on February 1 by Rs.103.50. OMCs revise jet fuel and non-subsidised LPG prices on the first of every month based on average imported cost and the rupee-dollar exchange rate. The Indian basket of crude oil traded on Thursday at $59.19 per barrel. (IANS)