New Delhi, Jan 31, (PTI): State-owned oil firms today hiked jet fuel prices by a massive 4.5 per cent, the biggest hike in almost a year, on the back of spiralling international oil prices. 

Aviation Turbine Fuel (ATF) rates in Delhi have been hiked by Rs 2,194.79 per kilolitre, or 4.5 per cent, to Rs 50958.79 per kl with effect from midnight tonight, an official of Indian Oil Corp (IOC), the nation's largest fuel retailer, said.

This is the eighth straight increase in jet fuel prices since October 2010, when international crude oil prices started soaring. Last time the oil companies had affected such a massive hike on January 16, 2010 when rates in Delhi were hiked by Rs 2,519.83 per kl or 6.5 per cent.

The ATF price in Delhi on October 1 was Rs 40,728.52 per kl. The rates were increased by Rs 10,230.21 per kl or 25.1 per cent in eight tranches since then, in tandem with a surge in global oil prices.

The basket of crude India buys has averaged USD 93.75 per barrel in second half of January, as against December average of USD 89.78 per barrel. Jet fuel will cost Rs 51,332.82 per kl in Mumbai, home to the nation's busiest airport, from tomorrow, as against Rs 49,046 per kl currently.

No comment could be immediately obtained from airline companies on the impact of the latest price hike on passenger fares. Fuel cost accounts for 40 per cent of the airlines' operating cost.

IOC and sister public sector retailers Bharat Petroleum and Hindustan Petroleum revise jet fuel prices on the 1st and 16th of every month, based on the average international price in the preceding fortnight.

In Kolkata, the ATF price has been hiked by Rs 2314.9 to Rs 58500.90 per kl, while in Chennai, it will cost Rs 54696.55 per kl as against Rs 52,323 per kl currently.