Jet fuel prices on Friday were hiked by 2 per cent - the seventh straight increase this year - to an all-time high, reflecting a surge in global energy prices. Aviation turbine fuel (ATF) - the fuel that helps aeroplanes fly - was hiked by Rs 2,258.54 per kilolitre, or 2 per cent, to Rs 1,12,924.83 per kl (Rs 112.92 per litre) in the national capital, according to a price notification by state-owned fuel retailers.

Meanwhile, rates of LPG used by commercial establishments like hotels and restaurants, was increased by Rs 249.50 to Rs 2,253 per 19-kg cylinder. However, prices of cooking LPG used in household kitchens were not changed. Rates of such gas were hiked by Rs 50 to Rs 949.50 per 14.2-kg cylinder on March 22.

Likewise, there was no change in the price of petrol and diesel on Friday. Prior to the second pause in 11 days, auto fuel rates had gone up by Rs 6.40 per litre. While jet fuel prices are revised on 1st and 16th of every month, LPG rates change once a month. Petrol and diesel prices are revised daily based on equivalent rates in the international market.

The increase in ATF price comes on back of the steepest ever hike 18.3 per cent (Rs 17,135.63 per kl) effected on March 16. ATF in Mumbai now costs Rs 111,690.61 per kl, while it is priced at Rs 117,353.71 in Kolkata and Rs 116.583.71 in Chennai.

Fuel prices have been increased in India because energy prices globally have risen on back of supply concerns following Russia's invasion of Ukraine and demand returning after being hit by the pandemic. India is 85 per cent dependent on imports to meet its oil needs.

Jet fuel, which makes up for almost 40 per cent of the running cost of an airline, has this year surged to new highs. ATF prices have increased every fortnight since the start of 2022. In seven hikes beginning January 1, ATF prices have been increased by Rs 38,902.92 kl or almost 50 per cent.