State-owned oil companies on Wednesday cut jet fuel prices by a marginal Rs 350 per kilolitre, the second reduction in February.
The price of aviation turbine fuel (ATF), or jet fuel, in Delhi was cut by Rs 350.7 per kilolitre (kl), or 0.5%, to Rs 62,557.12 per kl with effect from midnight tonight, said an official of the nation's largest retailer Indian Oil Corp.
The reduction comes on back of a 3% cut in rates effected from February 1.
In Mumbai, ATF will cost Rs 63,499 per kl from Thursday, as against the current rate of Rs 63,864.31 per kl.
Jet fuel constitutes about 40% of an airlines' operating cost and the reduction in prices will slightly ease the burden on cash-strapped airlines.
No immediate comment was available from airlines on the impact of the price reduction on passenger fares.
The three fuel retailers revise jet fuel prices on the 1st and 16th of every month, based on the average international price in the preceding fortnight.