Jet fuel, also known as aviation turbine fuel (ATF), saw a significant reduction of 6.5 per cent on June 1, down by ₹6,673.87 per kilolitre (kl) to ₹94,969.01/kl in New Delhi, as per a PTI report. This reduction comes after a slight increase of 0.7 per cent ( ₹749.25 per kilolitre) on May 1.
In Mumbai, the ATF price dropped to ₹88,834.27/kl from ₹95,173.70/kl. Prices vary across states due to local taxes, it added.
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Oil companies also reduced the price of commercial LPG by ₹69, setting the new price at ₹1,676 per 19-kg cylinder. This marks the third consecutive monthly decrease, following cuts of ₹19 per cylinder on May 1 and ₹30.5 on April 1.
The price for domestic cooking gas remains unchanged at ₹803 per 14.2-kg cylinder. April 1 witnessed the first reduction in commercial LPG prices since January, after increases of ₹14 on February 1 and ₹25.5 on March 1.
State-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) adjust ATF and cooking gas prices on the 1st of every month based on international fuel prices and the exchange rate.
Petrol and diesel prices remain unchanged, with rates last adjusted in mid-March when they were reduced by ₹2 per litre.
Petrol costs ₹94.72 per litre in Delhi, while diesel is priced at ₹87.62.
The government has lowered the windfall tax on domestically-produced crude oil to ₹5,200 per tonne from ₹5,700, effective from June 1, 2024.
This tax is imposed as Special Additional Excise Duty (SAED). The SAED on the export of diesel, petrol, and jet fuel remains at 'nil'. The new rates are effective from June 1, as per an official notification.
India first implemented windfall profit taxes on July 1, 2022, following other nations in taxing the supernormal profits of energy companies. These tax rates are reviewed every fortnight based on the average oil prices from the preceding two weeks.
(With inputs from PTI)
