After two successive cuts, state-owned oil firms on Wednesday hiked jet fuel or ATF prices by 2.4% in step with the firming international rates.
Oil companies hiked aviation turbine fuel (ATF) prices by R1,377 per kilolitre to R57,843 per kl in Delhi with effect from midnight on wednesday, an official of Indian Oil Corp said. The hike comes after two reductions on May 16 and June 1. In these two cuts, the first in over eight months, ATF prices had come down by R4,094 per kl.
ATF price in Mumbai was hiked by R1,434 to R58,601 per kl. Rate cuts on May 16 and June 1 had come after 14 successive hikes since October, 2010, when international crude oil prices started soaring.