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ATF prices slashed by 4.6% as India’s oil companies update monthly rates
ATF prices slashed by 4.6% as India’s oil companies update monthly rates By Investing.com
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EditorAmbhini AishwaryaCommodities
Published Dec 01, 2023 04:13AM ET
© Reuters.
INDIA – In a recent update reflecting the global oil market trends and Saudi Contract Price (CP), Indian oil companies have announced a cut in Aviation Turbine Fuel (ATF) prices by 4.6%, now standing at ₹106,155.67 per kilolitre. This price adjustment, effective today, was accompanied by a hike in commercial Liquefied Petroleum Gas (LPG) by ₹21, bringing the price to ₹1,796.50 for a 19kg cylinder in Delhi. However, domestic LPG prices remain unchanged at ₹903 for a 14.2kg cylinder.
The monthly pricing update, a practice by Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL), mirrors the fluctuations in the international oil market and is in line with the Saudi CP. This latest announcement comes after a period of incremental increases in ATF rates observed from July through October.
In contrast, the prices for petrol and diesel have maintained stability since the last adjustment in May, following the excise duty cut in April. Both fuels have remained at ₹96.72 and ₹89.62 (USD1 = INR83.333) per litre, respectively, indicating a period of relative steadiness in the domestic fuel market.
The adjustments in fuel prices are particularly significant for industries reliant on transportation fuels, such as aviation, where ATF costs constitute a substantial portion of operational expenses. The reduction in ATF prices could provide some relief for airlines, which have been facing pressure from rising fuel costs over the past several months.
The changes in LPG prices also have implications for both commercial and household sectors. While households will not see a change in their LPG expenses this month, businesses using commercial LPG will need to adjust to the slight increase in costs.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
ATF prices slashed by 4.6% as India’s oil companies update monthly rates
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