New Delhi: In a major relief to cash- strapped airlines, jet fuel (ATF) prices were today reduced by a massive 5 percent, the steepest reduction in rates since February 2010.
The price of aviation turbine fuel (ATF), or jet fuel, in Delhi was reduced by Rs 3,260 per kl, or 5 percent, to Rs 62,410 per kl with effect from midnight tonight, according to Indian Oil Corp, the nation's largest oil firm.
The fifth straight cut in jet fuel rates since mid-April, is the steepest reduction in price in 27 months. On February 1, 2010, ATF price was cut by 5.48 percent or Rs 2,260.05 per kl. Today's reduction is larger than that in absolute number but as a percentage it is slightly lower than the February 2010 cut.
State-owned oil firms had on June 1 slashed rates by 2 percent (Rs 1,376.81 per kl) and Rs 753.8 per kl cut in prices in three previous fortnights.