Air fares are set to get costlier as the state-owned oil firms hiked aviation fuel price by 2.4 per cent following two successive cuts.
As per a report in Indian Express, the move is in line with the global trend of firming oil prices. Oil companies hiked aviation turbine fuel (ATF) prices by Rs 1,377 per kilolitre (kl) to Rs 57,843 per kl in Delhi with effect from midnight tonight, an official of the Indian Oil Corporation (IOC) said.
Jet fuel accounts for almost 40 per cent of an airline’s operational costs. The hike comes after two reductions on May 16 and June 1.
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