IOC cuts jet fuel prices for January

State-controlled refiner IOC has reduced jet fuel prices for the third consecutive month, effective from 1 January in line with international prices. IOC cut jet fuel prices by nearly 4% from its last revision to 95,372.43rupees/kilolitre ($1,145/kl).

The refiner reduced jet fuel price in Delhi by Rs3,850.81/kl to Rs101,993.17/kl. It cut prices in Chennai and Kolkata to Rs106,042.99/kl and Rs110,962.83/kl respectively.

Asian jet fuel margins — or Singapore jet fuel swaps against Dubai crude values — averaged $22.53/bl in December, down from the November average of $23.18/bl.

The government imposed an export duty of Rs1/l on jet fuel on 19 December but removed it on 2 January.

India’s jet fuel demand in November rose to 181,000 b/d, up by 3pc from the previous month and 12pc higher against a year earlier, according to latest government data. Domestic air passenger traffic rose to 12.7mn passengers in November, up by 1pc from October and 9pc higher from November 2022, data from the civil aviation ministry show. Fuel costs account for 30-40pc of airlines’ expenses.