India News | Jet Fuel Prices Increase by 2 Pc to All-time High, 7th Hike Since January 2022
Get latest articles and stories on India at LatestLY. Jet fuel or Aviation Turbine Fuel (ATF) prices on Friday were hiked by two per cent - the seventh straight increase this year - to an all-time high due to the ongoing tensions between Russia and Ukraine.
New Delhi [India], April 1 (ANI): Jet fuel or Aviation Turbine Fuel (ATF) prices on Friday were hiked by two per cent - the seventh straight increase this year - to an all-time high due to the ongoing tensions between Russia and Ukraine.
In Delhi, the Jet fuel oil price is Rs 1,12,924 per kilolitre and Rs 112.924 per litre for domestic operated airlines or flights while for international flights, the prices are USD 1,125.25 per kilolitre and USD 1.12,525 per litre.
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Notably, this is the seventh hike in Jet fuel prices since the beginning of 2022.
ATF prices kept increasing every fortnight beginning from January 1, 2022. ATF prices have been increased to Rs 76.1 per litre on January 1. On January 16, the jet fuel prices cost Rs 79.3 per litre while Rs 86.0 on February 1.
According to official data, the prices were again hiked in February mid which took the cost of jet fuel to Rs 90.5 per litre. In March, the ATF prices witnessed two hikes in March, that is, Rs 93.5 and Rs 110.7 respectively.
The Government of India clarified that jet fuel prices are increasing due to the continuing conflict between Ukraine and Russia.
"One of the contributing reasons for this price increase is the Ukraine-Russian war. Since the cost of ATF accounts for approximately 40 per cent of the operational cost of airlines, this price escalation may have an adverse impact on the financial results of the airlines," Gen VK Singh (retd) told Lok Sabha in a written reply.
Further, Gen VK Singh was asked whether the net loss of the Indian Aviation Industry has been greatly increased due to the COVID-19 pandemic.
In a written reply, he informed that the Civil Aviation industry witnessed an increase in losses in 2020-21, that is, Rs 18,426 crores, however, it has incurred a loss of Rs 12,729 in 2019-20. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)