Jet Fuel Prices at All-time High After 8.5% Hike, 3rd Rise This Month

Previously, ATF prices were hiked by 4.2 percent on 13 January.

Representational Image. Plane.

(Photo Courtesy: Unsplash)

The Aviation Turbine Fuel (ATF) price was hiked by a steep 8.5 percent on Tuesday, 1 February, reaching its highest-ever price in India.

The ATF price was hiked by Rs 6,743.25 per kilolitre to Rs 86,038.16 per kl in the national capital, news agency PTI reported, citing an oil company price notification.

The inflation comes amid a global oil price crisis. This is the third time that jet fuel prices have been increased this month. Previously, ATF prices were hiked by 4.2 percent on 16 January.

The jet fuel rates were hiked by Rs 2,039.63 per kl or 2.75 per cent to Rs 76,062.04 per kl on 1 January, and then again by Rs 3,232.87 per kl to Rs 79,294.91 per kl on 16 January.

The prices of petrol and diesel, however, remain unchanged since 4 November.

The rate hike comes on a day when Finance Minister Nirmala Sitharaman presented the Union Budget 2022.

While she didn't announce any change in the Income Tax slabs, Sitharaman said that any income from transfer of any virtual digital asset would be taxed at the rate of 30 percent.

(With inputs from PTI)