Flight tickets to get costlier as jet fuel price surges to record high
Fuel prices across the globe have been rising owing to the Russia Ukraine war
The Aviation Turbine Fuel price in India (ATF prices) have surged to a record high after they were increased by 5 per cent in New Delhi.
According to a report by Mint, the ATF Price now stands at Rs 1,23,039 per kl or Rs 123.03 per litre, in the national capital.
Since the start of 2022, jet fuel prices have surged every fortnight. Since January 1, 2022, the ATF prices have surged by over 50 per cent.
The jet fuel price makes up to 40 per cent of the total cost of the airlines, according to the report.
The current jet fuel price hike is expected to push the flight tickets higher.
On March 16, the jet fuel prices were hiked by the steepest hike of 18.3 per cent.
Later on April 1, the ATF prices were again hiked by 2 per cent. On May 1, the prices were hiked by 3.22 per cent.
Fuel prices across the globe have been rising owing to the Russia Ukraine war.
The pressure is particularly high on India as the country imports 85 per cent of its oil needs.
