Indian Oil Corp (IOC), the nation's largest oil company, on Sunday increased Aviation Turbine Fuel (ATF) -- or jet fuel -- prices by a steep 8.2 per cent and of non-subsidised cooking gas (LPG) by Rs 5 per cylinder consequent to recent upward movement of international crude oil rates which earlier plunged to near six-year lows.
Jet fuel in
The hike follows seven consecutive monthly cuts since August, which saw ATF price cut by Rs 23,648.73 or 33 per cent.
State-run IOC, earlier on Saturday, hiked the rates of petrol and diesel by over Rs 3 each (ex-Delhi) citing the rise in crude prices in their announcement made on the day the union budget for 2015-16 was presented.
Oil marketing companies (OMCs) also hiked the price of non-subsidised, or market-priced LPG by Rs 5 to Rs 610 per 14.2 kg cylinder in
Customers can purchase non-subsidised gas after exhausting their quota of 12 cylinders at subsidised rates.
A subsidised LPG cylinder currently costs Rs 417 in
The price of non-subsidised LPG was last cut on February 1 by Rs 103.50.
OMCs revise jet fuel and non-subsidised LPG prices on the first of every month based on average imported cost and the rupee-dollar exchange rate.
The Indian basket of crude oil traded on Thursday at $59.19 per barrel. — IANS