State-owned oil companies cut jet fuel price

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State-owned oil companies cut jet fuel price
After 14 successive hikes in jet fuel prices since October, 2010, Indian oil marketing companies (OMCs) have reduced it for the first time by over 2.9 per cent after crude oil prices at international level have exhibited some moderation.

As per an official of Indian Oil Corporation, with effect from 16th May 2011, OMCs have slashed the ATF (air turbine fuel) price by Rs. 1,766 per kilolitre or 2.9 per cent, to Rs. 58,794 per kilolitre in Delhi. At the same time, prices in Mumbai are reduced by Rs. 1,827 to Rs. 59,602 per kilolitre.

Fuel cost accounts for 40 per cent of the operating cost of the aviation industry and rates vary from airport to airport depending upon the local sales tax.

Read more about: oil and gas, jet fuel, omc
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