Price of aviation turbine fuel (ATF), or jet fuel was slashed following months of hikes as state-owned oil marketing companies carried out their monthly price revisions in line with global fuel benchmarks.
The latest reduction is expected to ease pressure on airlines, for which fuel accounts for nearly 40 per cent of operating costs.
What are the new ATF rates?
In Delhi, the price of ATF was cut by ₹7353.75 per kilolitre to ₹92,323.02 per kl while commercial LPG rate was raised by ₹111 per cylinder.
In Mumbai, ATF price was revised to ₹86,352.19 per kl, while prices in Chennai and Kolkata were cut to ₹95,770 and ₹95,378.02 per kl, respectively.
Fuel prices vary across cities due to local taxes.
ATF prices slashed after series of hikes
The reduction comes after three rounds of monthly price hikes. The rate was last raised by ₹5,133.75 per kl, or 5.4 %, on December 1. Prior to that prices had risen by about 1 per cent on November 1 and by 3.3 per cent on October 1.
The cut announced Thursday neutralises more than two-thirds of the price increase that happened since October 1.
Alongside, the price of a 19-kg commercial LPG cylinder used by hotels and restaurants was hiked by a steep ₹111 to ₹1,691.50 in Delhi.
(This is a developing story. Keep checking for more updates)