Aviation turbine fuel (ATF) prices have been cut for the second month in a row by a record 14.7% for the month of January 2019, according to a notification issued by Indian Oil Corporation and other State-owned oil marketing companies.
Jet fuel will now cost ₹58,060.97 per kilolitre in Delhi, the benchmark market for the country, effective January 1. This represents a ₹9,990 per kilolitre price cut from the ₹68,050.97 per kilolitre in December 2018. Jet fuel prices had been revised on a monthly basis since March 2018. This is the second consecutive reduction in rates and the biggest single cut ever, the data showed. In December, prices were cut by ₹8,327.83 per kilolitre, or 10.9%.
With the two successive cuts, jet fuel rates are now lower than petrol and diesel prices on a per litre basis.
While ATF now costs ₹58.06 per litre, petrol costs ₹68.65 per litre and diesel ₹62.66 per litre in Delhi. The two consecutive price reductions have brought ATF rates to their lowest levels in a year and will provide much-needed relief to cash-strapped airlines.
(With PTI inputs)