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Reduced price of jet fuel by 12%;  Commercial cooking gas reduced by Rs 36

Aviation Turbine Fuel (ATF) prices have been reduced by Rs 16,232.36 per kilolitre.

New Delhi:

On Monday, jet fuel (ATF) prices were cut by 12%, the sharpest on record, the second reduction in as many weeks, due to lower international oil prices amid recession fears.

Aviation turbine fuel (ATF) prices have been reduced by Rs 16,232.36 per kilolitre, or 11.75 per cent, to Rs 121,915.57 per kl in the nation’s capital, according to a price notification from retailers managed by the state.

This is the largest fare reduction ever and follows a cut of Rs 3,084.94 per kl (2.2%) made on July 16.

At the same time, the tariffs for commercial LPG – that used by hotels, restaurants and other commercial establishments – have been reduced from Rs 36 to Rs 1,976.50 per 19 kg cylinder.

This is the fourth reduction in commercial LPG prices since May. In total, prices have dropped by Rs 377.50 per 19 kg cylinder.

There has been no change in the price of LPG domestic cooking gas used in household kitchens. A 14.2 kg domestic LPG cylinder costs 1,053 rupees in the national capital.

While ATF prices are revised on the 1st and 16th of each month, based on the international oil benchmark rates of the previous fortnight, LPG commercial prices are changed once a month.

The price of ATF – the fuel that helps planes fly – peaked at Rs 141,232.87 per kl (Rs 141.23 per liter) on June 16, after a record increase of 16% (Rs 19,757, 13 per kl) tariffs.

International oil prices fell on fears of a recession in major economies. Brent crude – the world’s best-known benchmark – was trading at $103.60 a barrel on Monday, down from $110 a week earlier.

In addition to the two fare reductions on July 16 and August 1, ATF prices were reduced by a marginal 1.3% (Rs 1,563.97 per kl) on June 1. But for these three declines, ATF prices have increased throughout 2022.

In total, the rates have been multiplied by 11 since the beginning of the year. This led to rates that nearly doubled in six months.

Prior to the two consecutive cuts, prices had risen by 91% (Rs 67,210.46 per kl) since 1 January.

With kerosene accounting for nearly 40% of an airline’s operating costs, rising prices have translated into higher flight costs. Now there is some relief for the airlines.

Meanwhile, petrol and diesel prices remained unchanged at Rs 96.72 per liter and Rs 89.62 per litre, respectively.

A reduction in excise duty by the government had reduced the price of petrol by Rs 8.69 per liter and diesel by Rs 7.05 per liter on May 22. But for that, the base price has remained unchanged since April 6.

Prior to this, prices had risen by a record 10 rupees per liter each.

Retail prices for gasoline, diesel and domestic cooking gas are well below cost. Gasoline and diesel prices are revised daily, based on equivalent international market prices.


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