Jet fuel price on Saturday was hiked by steep 6.7 per cent, reversing price cuts of last month, while an increase in petrol and diesel prices may be on the anvil as international prices firmed up.
Aviation turbine fuel (ATF) price was increased by Rs 3,885 per kilolitre (kl), or 6.7 per cent, to Rs 61,690.28 per kl in the national capital, according to a price notification of state-owned fuel retailers. Rates vary from state to state depending on incidence of local taxes.The increase in price comes after two rounds of reduction last month. Prices were cut by 3 per cent on April 1 and then again by Rs 568.88 per kl (1 per cent) on April 16. Meanwhile, petrol and diesel prices remained unchanged for the 16th day on Saturday but oil company officials indicated an increase in rates in near term. Despite the concerns about rising Covid-19 cases in India denting demand, crude oil prices in the international market continue to rise on account of strong US demand recovery and a weak dollar.
“Prices have been on a continuous uptrend for last 4 days (since April 27),” an official said adding Dubai crude oil price has risen USD 2.91 per barrel. It is expected that the crude oil prices in the international market will remain firm in the near future, exerting upward pressure, officials said.