The Business Bytes
NEW DELHI, JULY 1, 2024 (TBB BUREAU): On Monday, the price of jet fuel (Aviation Turbine Fuel or ATF) was increased by 1.2 per cent, while the cost of commercial LPG used in hotels and restaurants was reduced by Rs 30 per 19-kg cylinder, in alignment with international oil price trends.
According to a price notification from state-owned fuel retailers, the ATF price was raised by Rs 1,179.37 per kilolitre (kl), bringing it to Rs 96,148.38 per kl in the national capital. This hike follows a significant 6.5 per cent reduction (Rs 6,673.87 per kl) implemented on June 1.
In Mumbai, the ATF price was increased from Rs 88,834.27 per kl to Rs 89,908.30 per kl. It’s important to note that prices vary from state to state due to differing local tax rates.
Simultaneously, oil companies reduced the price of commercial LPG by Rs 30, setting it at Rs 1,646 per 19-kg cylinder. This marks the fourth consecutive monthly reduction in commercial LPG prices. The last reduction was a Rs 69 cut per cylinder on June 1. Prior to that, prices were reduced by Rs 19 per cylinder on May 1 and by Rs 30.5 on April 1.
The price of domestic cooking gas remained steady at Rs 803 per 14.2-kg cylinder.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) adjust the prices of ATF and cooking gas on the 1st of every month based on the average benchmark international fuel price and the foreign exchange rate.
Meanwhile, the prices of petrol and diesel have remained unchanged. Rates were last reduced by Rs 2 per litre in mid-March. Currently, petrol costs Rs 94.72 per litre in Delhi, while diesel is priced at Rs 87.62 per litre.
