ATF price hiked by 5.6%, commercial LPG rate down Rs 7 per cylinder
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New Delhi (PTI): The price of Jet fuel, or ATF, on Saturday was hiked by a steep 5.6 percent while the rate of commercial LPG that is used in hotels and restaurants was cut by Rs 7 per 19-kg cylinder in the monthly revision done in line with the benchmark international prices.
The aviation turbine fuel (ATF) price was increased by Rs 5,078.25 per kilolitre, or 5.6 percent, to Rs 95,533.72 per kl in the national capital - home to one of the busiest airports in the country, according to state-owned fuel retailers.
The hike follows a reduction in rates by 1.5 percent in the previous revision on January 1.
Prior to that, prices were increased twice - Rs 2,941.5 per kl (3.3 per cent) on November 1, and by Rs 1,318.12 per kl (1.45 percent) on December 1, 2024.
The ATF price in Mumbai was increased to Rs 89,318.90 on Saturday, from Rs 84,511.93 per kl previously.
Oil firms also reduced the price of commercial LPG by Rs 7 to Rs 1,797 per 19-kg cylinder in the national capital.
This the second reduction in the rate after five straight monthly hikes in commercial LPG price. The price was cut by Rs 14.5 per 19-kg cylinder at the last revision on January 1, 2024.
In five price hikes prior to the two rounds of cuts this year, commercial LPG rate had been hiked by Rs 172.5 per 19-kg cylinder.
Commercial LPG now costs Rs 1,749.50 per 19-kg cylinder in Mumbai, Rs 1,907 in Kolkata and Rs 1,959.50 in Chennai.
Prices of ATF and LPG differ from state to state depending on the incidence of local taxes including VAT.
The rate of cooking gas used in domestic households, however, remained unchanged at Rs 803 per 14.2-kg cylinder.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) revise prices of ATF and cooking gas on the first of every month based on the average price of benchmark international fuel and foreign exchange rate.
Prices of petrol and diesel continue to remain frozen. Rates had been cut by Rs 2 per litre in mid-March ahead of the general elections. Petrol costs Rs 94.72 a litre in Delhi, while diesel is priced at Rs 87.62.
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Trump says EU has until July 4 to approve last year's trade deal or it will face higher tariffs
Washington (AP): President Donald Trump has said in a social media post that goods from the European Union would face higher tariff rates if the 27-member bloc fails to approve last year's trade framework by July 4.
The announcement on Thursday appeared to be a deadline extension after the president said last Friday that EU autos would face a higher 25 per cent tariff starting this week. Trump made the updated announcement after what he described as a "great call" with European Commission President Ursula von der Leyen.
Still, the US president was displeased that the European Parliament had yet to finalize the trade arrangement reached last year, which was further complicated in February by the US Supreme Court ruling that Trump lacked the legal authority to declare an economic emergency to impose the initial tariffs used to pressure the EU into talks.
"A promise was made that the EU would deliver their side of the Deal and, as per Agreement, cut their Tariffs to ZERO!" Trump posted. "I agreed to give her until our Country's 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels."
It was unclear from the post whether Trump was implying that the tariff rates would jump on all EU goods or the increase would only apply to autos.
His latest statement indicates he might be backing away from his earlier threat on EU autos by giving the European Parliament several more weeks to approve the agreement.
Under the original terms of the framework, the US would charge a 15 per cent tax on most goods imported from the EU.
But since the Supreme Court ruling, the administration has levied a 10 per cent tariff while investigating trade imbalances and national security issues, aiming to put in new tariffs to make up for lost revenues.
