State-owned oil firms give relief as global rates fall
PTI | February 15, 2010
State-owned oil firms today cut aviation turbine fuel (ATF) price by 2.5 per cent on falling global rates to give some relief to Indian carriers.
Jet fuel price in Delhi was cut by Rs 974 per kilolitre or 2.5 per cent to Rs 37,982 per kl effective midnight tonight, an official of the Indian Oil Corp, the nation's largest oil firm, said.
This is the second reduction in ATF rates this month, with prices cut by as much as 5.5 per cent on February 1 to Rs 38,956.38.
Jet fuel constitutes roughly 40 per cent of the operating cost of an airline and the reduction in fuel rates would help ease the burden on Indian carriers.
No immediate comment was available from airlines on the impact the latest cut would have on air fares.
The two cuts have more than negated the steep 6.
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