State-run fuel retailers on Saturday slashed jet fuel or ATF rates by a further seven per cent, making it the 11th reduction since September last year.
Aviation turbine fuel prices in Delhi were slashed by Rs 2,052 per kilolitre to Rs 27,106 per kl, effective midnight on Saturday, an official of Indian Oil Corporation [Get Quote], said.
But for the one-off 3.3 per cent increase in rates on January 16, jet fuel prices are declining in tandem with the fall in international oil rates. In Mumbai, home to the nation's busiest airport, ATF rates were down to Rs 27,861 per kl from Rs 29,985.19 per kl.
The reduction in jet fuel prices announced on Saturday varied from airport to airport depending on local taxes and levies and an on average worked out to Rs 2,125 per kl.
ATF prices had peaked to Rs 71,028.26 per kl (in Delhi) in August on international crude prices touching historic high of $147 a barrel. But they have since been slashed every month till October and twice in November.
After the 11th reduction, jet fuel are hovering at early 2005 levels.
State-run Indian Oil Corporation, 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.
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