MCX launched contracts in gold, heating oil, gasoline, natural gas, sliver HNI and aviation turbine fuel (ATF). The futures contracts will expire between February and May and the trading specifications will remain unchanged, the exchanges said.
IOC encashed the bank guarantee Kingfisher had given for buying aviation turbine fuel or ATF for its fleet of 75 aircraft, 10 days ago, industry sources said. As on April 20, the private air-carrier owed IOC about Rs 160 crore (Rs 1.6 billion) in fuel bills. It sent a cheque of this amount to IOC but the cheque bounced, forcing IOC to encash the bank guarantee.
The hike comes on back of two massive hikes effected on February 1 and 16.
Jet fuel or ATF prices in Delhi were slashed to Rs 30,288 per kilolitre, effective Saturday midnight, an official of Indian Oil Corp, the nation's largest fuel retailer, said. But for the 3.3 per cent increase in rates on January 16, jet fuel prices have been reduced for the ninth time on Saturday since September 1, 2008 when international crude oil prices started to decline.
Jet fuel prices on Thursday were hiked by the steepest ever 16 per cent to catapult rates to an all-time high in step with hardening international oil rates.
Air travel is going to be dearer as major airlines have decided to raise the fares by at least 10 per cent besides increasing the fuel surcharge. The move by Air India, Jet Airways, Spicejet and Kingfisher comes in view of rise in prices of aviation turbine fuel by over nine per cent in line with the increase in international crude oil rates.
The Delhi government has requested airlines to come up with a detailed note on how decrease in sales tax on aviation turbine fuel (ATF) will lead to higher offtake of fuel from Delhi airport, before taking any measure for reduction in taxes. Airlines have been repeatedly making representations to the state government asking for a reduction in sales tax on ATF from the current 20 per cent to 4 per cent.
Aircraft manufacturer Boeing on Saturday said it continues to support the ongoing investigation into the Air India Flight AI171 crash, hours after the Aircraft Accident Investigation Bureau (AAIB) released its preliminary report on the incident that occurred in Ahmedabad.
Air fares are set to go up again, with the government announcing an over 18 per cent average increase in the prices of aviation turbine fuel, effective Saturday midnight.
Sector seeks declared goods status for ATF and withdrawal of service tax on first class and business class air tickets.
After two months of price cuts, the state-run oil companies on Friday hiked aviation turbine fuel (ATF) price by a steep 6.5 per cent in step with hardening international rates.
Rates at different airports vary because of differential in local sales tax or value added tax.
IOC along with its sister PSUs, Bharat Petroleum Corp and Hindustan Petroleum Corp had from September 16 cut jet fuel rates by as much as 3.2 per cent to Rs 37,896.83 per kl.
Pilot groups have accused the AAIB of portraying the pilots as responsible for the incident, with vague and selective presentation of cockpit conversations.
Domestic fares on all sectors became costlier by Rs 200 from Friday with the hike in fuel surcharge, imposed by major airlines due to increase in jet fuel prices.
New Delhi, 7 August A strike call and its withdrawal proved an embarrassment for a former senior aviation bureaucrat.
Petrol and diesel price on Sunday was hiked again by 35 paise a litre and the auto fuels now cost a third more than the rate at which ATF is sold to airlines. The fourth straight day of 35 paise per litre hike sent petrol and diesel rates to record highs across the country. The price of petrol in Delhi rose to its highest-ever level of Rs 105.84 a litre and Rs 111.77 per litre in Mumbai, according to a price notification of state-owned fuel retailers.
Jet fuel prices on Monday were hiked by a steep 6.5 per cent on the back of a rally in international oil prices. Aviation turbine fuel or ATF price was hiked by Rs 3,663 per kilolitre, or 6.5 per cent, to Rs 59,400.91 per kl in the national capital, according to a price notification of state-owned fuel retailers. This is the third increase in jet fuel prices since February. Rates were increased by 3.6 per cent on February 16, and by Rs 3,246.75 per kl on February 1. The increase in rates will add to the margin woes of airlines who continue to operate flights at less than capacity, amid pandemic-driven travel restrictions.
Sri Lanka may extend its contract with Indian Oil Corporation for import of diesel and jet fuel during February-April.
Flights from Delhi or Bengaluru, while they may still fly over Iran, depending on the route, have alternative paths that may take them through Central Asia or northern routes.
Air India will be saving $150 million over 15 years by mounting advanced General Electric engines GE90-115B on its 27 Boeing 777-300ERs aircraft.
Jet fuel price in Delhi was cut by Rs 974 per kilolitre or 2.5 per cent to Rs 37,982 per kl effective midnight on Monday, an official of the Indian Oil Corporation, said.
The Indian aviation sector is on the cusp of a change as airlines look to induct a record number of aircraft. This, analysts said, will put the sector on a growth runway, though keeping it viable for only long-term investors. According to Vinit Bolinjkar, head of research at Ventura Securities, expectations of strong air traffic, coupled with low penetration, is the prime reason for a solid long-term outlook.
Major domestic airlines on Wednesday said they were considering imposing a fuel surcharge and hiking air fares following the announcement of a Rs 1,600/kl rise in jet fuel prices from midnight on Wednesday.
The inflation was 11.80 per cent a week ago. The index for fuel prices declined by 1.1 per cent on account of lower prices of naphtha, aviation turbine fuel and furnace oil.
Domestic airlines will save around Rs 2,500 crore annually if they import aviation turbine fuel directly rather than buy it from state-owned oil marketing companies. This would help them shave off around 14 per cent of their burgeoning fuel bill and cut the industry's projected loss of Rs 8,000 crore for the current financial year by a little less than a third.
After rationalising flights and routes, major domestic airlines like Kingfisher, Jet Airways and SpiceJet are introducing sharp cutbacks in staff and salaries to cope with slower passenger growth and rising aviation turbine fuel costs. Manpower typically accounts for 10-15 per cent of an airline's total costs.
The aviation turbine fuel (ATF) prices have been raised by Rs 2,750 per kilolitre effective midnight tonight, Indian Oil Corporation (IOC).
Private carrier Jet Airways is expected to further consolidate its international operations into a major revenue grosser in FY09, to overcome the growing turbulence in the domestic sector. The general economic scenario does not bode well for capacity expansion on domestic routes, with some of these struggling on account of overcapacity, and only yesterday some airlines were pushed to hike fares to make up for higher aviation turbine fuel prices.
Inflation rose to 3.79 per cent for the first week of the New Year from 3.50 per cent during the previous week even as prices of some essential food items like vegetables and fruits fell.
While higher fuel costs and irrational pricing are key concerns, infusion of funds to retire debt is crucial if Kingfisher Airlines has to improve its financials.
While higher fuel costs and irrational pricing are key concerns, infusion of funds to retire debt is crucial if Kingfisher Airlines has to improve its financials.
Inflation further eased to 4.80 per cent for the week ended June 2 as compared to 4.85 per cent in the previous week, mainly due to decline in food prices and some fuel and manufactured items.
'This is a huge step in promoting the 'Make in India' mission as this bio-fuel would be produced from Tree Borne Oils sourced from tribal areas and farmers.'
State-run oil firms on Saturday hiked jet fuel (aviation turbine fuel) prices by 18.5 per cent in step with rising international oil prices.The ATF price charged from airplanes has been raised to Rs 69,227.08 per kilolitre (kl) in Delhi from midnight on Saturday, an Indian Oil Corp, the nation's largest retailer, said.
Airline losses have more to do with their business models than the price of aviation fuel.
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