Jet fuel prices more than doubled to a record Rs 2.07 lakh per kilolitre on Wednesday in India amid the West Asia crisis that has led to a surge in oil prices globally, as per reports.

The development is likely to cause a spike in airfare, with many civil aviation companies in the country reportedly contemplating a fare hike.

This is the first time that the price of aviation turbine fuel (ATF) has crossed the Rs 2-lakh mark in India, reported PTI.

ATF prices in Delhi were hiked to Rs 2,07,341.22 per kilolitre, from Rs 96,638.14 per kilolitre.

The whopping surge in jet fuel price comes a month after a 5.7 per cent increase in the cost. On March 1, prices of jet fuel were hiked by 5.7 per cent — Rs 5,244.75 per kl.

According to civil aviation sources, ATF accounts for 30 to 40 per cent of any airline company’s total cost of operations.

Responding to the US-Israel air strikes which began on February 28, Iran has effectively blocked the Strait of Hormuz, a key passage for ships carrying oil. This is contributing to the oil crisis.

On March 23, the Centre removed cap on domestic airfares, granting full freedom to airline companies in ticket pricing.