In a step that would give much needed respite to troubled Arilnes industry Public Sector oil companies on Thursday reduced jet fuel prices marginally by about one per cent in tandem with international rates. An IOC official said today in New Delhi, Indian Oil, Bharat Petroleum and Hindustan Petroleum cut aviation turbine fuel (ATF) price by 311 rupees per kilolitre to 31,615 rupees per kl in Delhi with effect from midnight tonight.
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 per cent. This was on top of a steep 10 per cent hike effective April 1 and a marginal 158 rupees per kl increase in the previous fortnight.
In Mumbai, home to the nation's busiest airport, rates will drop from 32,854.9 rupees in per kl to 32,530 rupees 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 331rupees per kl.
The three hikes, which cumulatively worked out to 17.8 per cent, since March 16, had taken ATF rates in Delhi to 31,926.24 rupees per kl. Industry watchers believe that this decision may reverse the series of price increase.
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