NEW DELHI: Jet fuel prices on Wednesday were reduced by 1.3% by the oil marketing companies (OMCs), after 10 rounds of price hikes. The price of 19-kg commercial LPG cylinders were also slashed by Rs 135 to Rs 2,219. The reduction in fuel prices came after the finance minister Nirmala Sitharaman announcement of cutting down excise duty on petrol by Rs 8 per litre and diesel by Rs 6 per litre last month.
According to price notification by the fuel retailers, aviation turbine fuel (ATF), which is usedn by airlines, has been reduced by Rs 1,563.97 per kilolitre, or 1.27%, to Rs 1,21,475.74 per kl (Rs 121 per litre) in the national capital. Rates were increased by `6,188.25 per kl, or 5.29% on May 16, to a record high level of Rs 1,23,039.71 per kl.
Jet fuel, which makes up for nearly 40% of the running cost of an airline, now costs Rs 120,306.99 per kl in Mumbai, while it is priced at Rs 126,369.98 in Kolkata and Rs 125,725.36 in Chennai. Similarly, commercial LPG, used by business establishments like hotels and restaurants, reduced to Rs 2,219 per 19-kg cylinder, from Rs 2,354.
Prior to the cut, rates of commercial LPG had risen by Rs 355.5 per cylinder this year. Meanwhile, petrol and diesel prices remained unchanged at Rs 96.72 per litre and Rs 89.62 a litre, respectively. Meanwhile, Brent Crude – the world’s most used benchmark – was trading at $117.07 per barrel.