New Delhi hikes jet fuel prices by 7.6%

India hiked jet fuel price by a steep 7.6 per cent, the biggest ever increase that took ATF price to all-time high of Rs72,282 per kilolitre. The price of aviation turbine fuel (ATF), or jet fuel, in Delhi was hiked by Rs5,146.16 per kilolitre (kl), or 7.6 per cent, to Rs 72,281.92 per kl with effect from midnight on Friday, Indian Oil Corp, the nation’s largest oil firm, said.     This biggest ever increase in price in absolute numbers comes on back of firming international oil rates and dip in rupee value against the US dollar. And new rates will have surpassed the previous high in ATF price of Rs 71,028.26 per kl hit in August, 2008. The hike in per centage terms is however lower than the 12 per cent hike in rates effected from June 16, 2009 when prices were hiked by Rs3,948.59 per kl to Rs36,251.51 per kl. The price hike from on Saturday will be the fourth straight increase in rates since July, adding to the burden of cash-strapped airlines. Jet fuel, which had hit an all-time high peak of Rs 71,028.26 per kl in August, 2008, shortly after international oil rates touched a record $147 per barrel, had fallen to eight-month low of Rs 61,169.08 per kl in early July. From gulftoday