The price of aviation turbine fuel (ATF) or jet fuel was reduced by 12 per cent on Monday, August 1, 2022. This is the second time in a forthnight that jet fuel prices have been cut amid softening of global crude oil rates.
According to Indian Oil Corporation’s (IOC) data, the price of the ATF in the national capital was Rs 1,21,915.57 per kilolitre, down Rs 16,232.36 or 11.75 per cent from Rs 1,38,147.93 per kl.
Among other metros, ATF now costs Rs 1,28,425.21 per kl in Kolkata, Rs 1,20,875.86 in Mumbai and Rs 1,26,516.29 in Chennai.
The jet fuel prices are revised on the 1st and 16th of every month, based on rates of benchmark international oil rates in the previous fortnight. On July 16, the ATF prices were reduced by Rs 3,084.94 per kl, or 2.2 per cent to Rs 1,38,147.93 per kl after peaking at Rs 1,41,232.87 per kl in June.
The jet fuel prices had risen in India due to a spike in global crude prices following disruptions in supply chains due to the ongoing Russia-Ukraine war and the weakening of the rupee against the US dollar, making imports costlier.
Meanwhile, the price of liquefied petroleum gas (LPG) used in commercial cylinders was cut by Rs 36 per cylinder Monday.
Following the reduction, the price of the 19-kg commercial cylinder will now cost Rs 1976.50 in Delhi, down from Rs 2012.50 earlier, data available on the IOC website showed.
Among other metros, commercial LPG cylinder price in Kolkata stands at Rs 2095.50, Rs 1936.50 in Mumbai and Rs 2141.00 in Chennai, the data showed.