The Indian Oil Corporation Limited (IOCL) has announced a price cut of 1.3% to Rs.1.21 lakh/kl on Aviation Turbine Fuel (ATF) for the first time this year on 1 June.
The global rise in fuel prices owing to the Russia-Ukraine war and increasing demands post controlled number of Covid cases have been pushing the jet fuel prices in India since January.
The jet fuel prices were recently hiked by 5% in the month of May. A sharp rise of 18.3% came in March followed by a 2% hike in April. The prices have been hiked by 61.7%, from Rs 72,062/kl to Rs 1.23 lakh/kl since the beginning of 2022.
India is 85% dependent on imports to meet its oil needs. Jet fuel, which comprises close to 40% of the running cost of an airline, has seen a surge this year due to increasing fuel prices.
