The price of jet fuel is up 2 percent, the seventh straight increase this year
Prices for jet fuel on Friday increased by 2 percent seven times this year to an all-time high. This is a reflection of an increase in energy prices across the globe.
Aviation turbine fuel (ATF) is the fuel that allows aeroplanes to fly – was increased by the amount of 2,258.54 per Kilolitre, or 2 percent in price, up to 1,12,924.83 per kilolitre in the capital of the nation in an official price announcement issued by state-owned fuel distributors.
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There was no change in the prices of diesel or petrol on Friday. In the preceding pause, which was followed by the third of 11 days, the prices of auto fuel increased by about 6.40 each litre.
The rise in ATF price is a result of the highest price hike ever, 18.3 percent (Rs 17,135.63 per kg), which was triggered on March 16.
The prices for jet fuel are reviewed between the 1st and the 16th of every month based on an average international cost of benchmark fuel during the previous fortnight.
Fuel for jet engines, which accounts for 40% of the operating costs of the airline industry, increased to record levels.
ATF prices have risen every fortnight from the beginning of 2022. Seven hikes began in January 1st ATF prices have raised by 38,902.92 Kl, or nearly 50.