After two consecutive hikes, the state-run oil firms today cut jet fuel by little over 1 per cent in step with marginal easing of crude rates.
Following this, aviation turbine fuel (ATF) prices in Delhi will come down by Rs 455/KL to Rs 39,968/LK effective this midnight, an official of Indian Oil Corp (IOC), the nation's largest oil firm, said today, adding in Mumbai it will be down by Rs 474 to Rs 41,237/KL
IOC, and other oil PSUs like Bharat Petroleum and Hindustan Petroleum had on November 1 and 16 raised jet fuel rates by 2.4 per cent ad.
After the two hikes, the ATF prices had risen to above September levels, the official said.
The three oil firms revise jet fuel prices on the first and the 16th day of every month based on the average globaloil price in the previous fortnight.
The ATF price in Kolkata has been cut by Rs 460/KL to Rs 48,221 and that in Chennai by Rs 489 to Rs 44,038/KL, IOC official said.