India continues to raise jet fuel prices

Market: Oil products
01/07/10

Singapore, 1 July (Argus) — India's state-owned refiners have raised jet fuel prices for the eighth time since March, reflecting the recent rise in international oil prices.

Jet fuel, also called aviation turbine fuel in India, was raised by $27.75/kilolitre to $895.03/kl this week. State-owned refiners IOC, Hindustan Petroleum and Bharat Petroleum last revised prices two weeks ago, raising them by almost 2pc. Except for a brief respite at the start of June, Indian refiners have raised prices non-stop since the second half of February.

India's refiners revise jet fuel prices on the 1st and the 16th of every month, based on oil price movements of the previous two weeks. The average jet fuel price over the past two weeks was $84.85/bl, 2.6pc higher than the previous period.

Passenger traffic in India had been rising by double-digit figures every month since the start of the year but Indian airlines continue to struggle with thin margins and often heavy debt. Representatives from the country's aviation sector last week held a meeting with government officials and were understood to have discussed, among other issues, the level of jet fuel sales tax in India. Jet fuel makes up around 40pc of an airline's operating costs but various taxes levied in India further add to the airlines' financial burden.

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India continues to raise jet fuel prices

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