Oil companies cut jet fuel prices

New Delhi: Public sector oil companies on Sunday slashed jet fuel or ATF prices by 3.7 per cent, the tenth reduction since September.

Aviation Turbine Fuel (ATF) prices in Delhi were slashed to Rs 29,158 per kilolitre, effective Sunday, February 15, an official of Indian Oil Corp, the nation's largest fuel retailer, said.

The fuel used by airlines till today was priced at Rs 30,288 per kilolitre. After Sunday's Rs 1,130 a kilolitre reduction, jet fuel is priced at early 2005 levels.

For the 3.3 per cent increase in rates on January 16, jet fuel prices have been reduced for the tenth time on Sunday since September 1, 2008, when international crude oil prices started to decline.

In Mumbai, home to the nation's busiest airport, ATF rates were down by Rs 1,191 per kl to Rs 29,985 per kl on Sunday.

ATF prices had peaked to Rs 71,028.26 per kl (in Delhi) in August on international crude prices touching historic high of USD 147 a barrel. But they have since been slashed every month till October and twice in November.

State-run Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum revise ATF rates on the 1st and 16th of every month based on the average international jet fuel rates in the preceding fortnight.