New Delhi: Public sector oil companies on Sunday slashed jet fuel, or aviation turbine fuel (ATF), prices by 3.7%, the 10th reduction since September.
ATF prices in New Delhi were slashed by Rs1,130 to Rs29,158 per kl, effective from midnight on Sunday, an official of Indian Oil Corp. Ltd, the nation’s largest fuel retailer, said.
With Sunday’s reduction, jet fuel is now priced at early 2005 levels.
New low: A plane being refuelled at the Indira Gandhi International Airport in New Delhi. ATF prices have declined 58% since August. Ramesh Pathania / Mint
Jet fuel prices have been reduced ten times since 1 September, when international crude rates began to fall; on 16 January, prices were raised 3.3%.
In Mumbai, home to the nation’s busiest airport, ATF rates were down by Rs1,191 per kl to Rs29,985 per kl on Sunday. ATF prices had peaked to Rs71,028.26 per kl (in New Delhi) in August on international crude prices touching historic high of $147 a barrel.
State-run Indian Oil, Hindustan Petroleum Corp. Ltd and Bharat Petroleum Corp. Ltd revise ATF rates on the 1st and 16th of every month based on the average international jet fuel rates in the preceding fortnight.