Oil Marketing Companies hiked ATF by 4

State run oil marketing companies have increased jet fuel prices of Aviation Turbine Fuel (ATF) by 4% due to high global crude oil prices. This is the ninth straight increase in rates since October. ATF rates have been hiked to around Rs 53,500 crore per kilolitre in Delhi.

This hike was imminent because of increase in global crude oil prices which has been around USD 100 per barrel level for quite some time making oil companies incurring huge losses. All airlines shares were corrected heavily fearing significant hit on their profit margin because airline companies spend most of their operating expenses to buy ATF.