NEW DELHI : Jet fuel prices on Saturday were hiked by a marginal 0.2 per cent -- the eighth straight increase this year -- to an all-time high, reflecting a surge in global energy prices.
The price of aviation turbine fuel (ATF) -- the fuel that helps aeroplanes fly -- was hiked by ₹277.5 per kilolitre, or 0.2 per cent, to ₹1,13,202.33 per kl ( ₹113.2 per litre) in the national capital, according to a price notification of state-owned fuel retailers.
The country's fuel demand soared 4.2 per cent to a three-year high in March as petrol and diesel consumption rose above pre-pandemic levels, according to official data released on Monday.
Total petroleum product consumption in March stood at 19.41 million tonnes, the highest since March 2019, data from the Petroleum Planning and Analysis Cell of the oil ministry showed.
As the economy continued to rebound from the deep impact of the third wave of the COVID-19 pandemic, demand for transport fuel rose in March.
Jet fuel or ATF demand soared 35 per cent to 5 million tonnes but was less than 8 million tonnes consumption in the pre-pandemic year. This was mainly because full aviation services resumed only towards the end of the last month.
Meanwhile, petrol and diesel prices remained unchanged for the 10th straight day after rising by a record ₹10 per litre each.
While jet fuel prices are revised on the 1st and 16th of every month, petrol and diesel rates are revised daily based on equivalent rates in the international market.
The increase in ATF price comes on back of the steepest ever hike of 18.3 per cent ( ₹17,135.63 per kl) effected on March 16 and a 2 per cent ( ₹2,258.54 per kl) increase on April 1.
ATF in Mumbai now costs ₹111,981.99 per kl, while it is priced at ₹117,753.60 in Kolkata and ₹116.933.49 in Chennai.
Fuel rates have been increased in India because energy prices globally have risen on back of supply concerns following Russia's invasion of Ukraine and demand returning after being hit by the pandemic.
India is 85 per cent dependent on imports to meet its oil needs.
Jet fuel, which makes up for almost 40 per cent of the running cost of an airline, has this year surged to new highs.
ATF prices have increased every fortnight since the start of 2022. In seven hikes beginning January 1, ATF prices have been increased by ₹38,902.92 kl or almost 50 per cent.
*With inputs from PTI
