State-owned oil firms on Friday hiked jet fuel prices by 1.4 per cent, the 12th increase in rates in a row since October last year.The price of Aviation Turbine Fuel in the national capital was increased by Rs. 846.87 per kilolitre, or 1.45 per cent, to Rs. 59,157.32 per kl, said an official of Indian Oil Corp, the nation's largest fuel retailer.
The hike comes on back of a massive 6.14 per cent increase in rates effective from March 16 in line with rising crude oil prices.
The basket of crude oil that India buys averaged $110.66 per barrel in March, as against an average price of $101.16 a barrel in February.
Jet fuel in Mumbai is priced at Rs. 59,900.02
per kl from Friday, as against Rs. 59,031.39 per kl till Thursday.
Friday's hike is the 12th straight increase in jet fuel prices since October, 2010, when international crude oil prices started soaring.
The ATF price in Delhi on October 1, 2010 was Rs. 40,728.52 per kl.
The rates have been increased by Rs. 18,428.8 per kl, or 45.24 per cent, in 12 tranches since then.
No comment could be immediately obtained from airline companies on the impact of the latest price hike on passenger fares.
Fuel accounts for 40 per cent of airlines' operating cost.
Indian Oil Corp and sister public sector retailers Bharat Petroleum and Hindustan Petroleum revise jet fuel prices on the 1st and 16th of every month, based on the average international price in the preceding fortnight.
