New Delhi: After three consecutive hikes, state-run oil companies today reduced jet fuel or ATF prices marginally by about 1% in tandem with international rates for the same.
Indian Oil, Bharat Petroleum and Hindustan Petroleum cut aviation turbine fuel (ATF) price by Rs311 per kilolitre in Delhi to Rs31,615 per kl with effect from midnight tonight, an IOC official said.
The three firms, which revised jet fuel rates every fortnight based on trends in international markets, had on April 16 increased ATF rates by about 6.7%. This was on top of a steep 10 per cent hike effective April 1 and a marginal Rs158 per kl increase in the previous fortnight.
In Mumbai, home to the nation’s busiest airport, rates will drop from Rs32,854.9 per kl to Rs32,530 per kl.
The reduction in jet fuel prices announced today varied from airport to airport depending on local taxes and levies, and on average worked out to Rs331 per kl.
The three hikes, which cumulatively worked out to 17.8%, since March 16, had taken ATF rates in Delhi to Rs31,926.24 per kl.
ATF prices had peaked to Rs71,028.26 per kl (in Delhi) in August on international crude prices touching a historic high of $147 a barrel. But subsequently they had fallen, slashed every month till October and twice a month from November.