After three consecutive hikes, state-run oil companies on Thursday reduced jet fuel or ATF prices marginally by about one per cent in tandem with international rates for the same.
Indian Oil, Bharat Petroleum and Hindustan Petroleum cut aviation turbine fuel (ATF) price by Rs 311 per kilolitre in Delhi to Rs 31,615 per kl with effect from midnight tonight, an IOC official said.
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 from April 1 and a marginal Rs 158 per kl increase in the previous fortnight.
In Mumbai, home to the nation's busiest airport, rates will drop from Rs 32,854.9 per kl to Rs 32,530 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 Rs 331 per kl.
The three hikes, which cumulatively worked out to 17.8 per cent, since March 16, had taken ATF rates in Delhi to Rs 31,926.24 per kl.
ATF prices had peaked to Rs 71,028.26 per kl (in Delhi) in August on international crude prices touching a historic high of $147 a barrel. But subsequently they had fallen, slashed every month till October and twice a month from November.