The surge – the sixth in a row this year – saw prices surpass 1 lakh a kiloliter for the first time ever.
The surge – the sixth in a row this year – saw prices surpass 1 lakh a kiloliter for the first time ever.
Kerosene prices rose more than 18% – the steepest rise ever – to an all-time high on Wednesday after international oil prices soared to a multi-year high.
The surge – the sixth in a row this year – saw prices surpass 1 lakh a kiloliter for the first time ever.
Jet fuel (ATF) — the fuel that helps planes fly — rose by ₹17,135.63, or 18.3%, to ₹110,666.29 per kl in the state capital, according to a pricing release from state-owned fuel distributors.
Kerosene prices are revised on the 1st and 16th of each month based on the international average price for benchmark fuel over the previous two weeks.
International oil prices climbed to a 14-year high of nearly $140 a barrel last week on fears of supply shortages following Russia’s invasion of Ukraine. Since then, prices have softened to around $100 a barrel.
In Mumbai, the ATF price increased to ₹109,119.83 per kl and costs ₹114,979.70 in Kolkata. Jet fuel costs in Chennai ₹114,133.73 per kl.
Kerosene, which accounts for nearly 40% of an airline’s operating costs, has soared to new highs this year.
The previous high of ₹71,028.26 per kl was recorded in August 2008, when international crude oil prices reached $147 per barrel. Brent crude was trading just above $100 a barrel on Wednesday.
ATF prices have increased every two weeks since early 2022. In six increases from January 1st, ATF prices were increased by ₹36,643.88 kl or almost 50%.
Petrol and diesel prices frozen
Unlike ATF, gasoline and diesel prices remain at record levels on Wednesday for the 132nd day in a row. The daily price revision was suspended on November 4, 2021, just as the campaign to elect new governments in states like Uttar Pradesh and Punjab got underway.
LPG prices for cooking gas have also been frozen since October when they hit ₹900 a bottle.
And that despite a wild swing in international oil prices. Brent Crude Oil, the most prominent international benchmark, stood at $82.74 per barrel on November 5, 2021 before starting to fall, reaching $68.87 per barrel on December 1.
Prices climbed above $139 a barrel last week in the wake of the Russia-Ukraine crisis and are now trading at $101, well above the $86.40 peak reached on October 26, 2021 and leading to a huge increase in the Gasoline and diesel prices had risen -time.
Gasoline costs ₹95.41 and diesel costs ₹86.67 in Delhi, price information from government fuel distributors showed.
Record high retail pump prices prompted the government to reduce the excise duty on petrol by ₹5 per liter and on diesel by ₹10. Many states have complemented this with a reduction in local sales taxes or sales tax rates.
Before the excise duty cut, gasoline and diesel prices had hit all-time highs across the country. While petrol had surpassed £100 a liter in most cities, diesel was above that level in almost half the country. In Delhi petrol was £110.04 per liter and diesel was £98.42.
