With global crude in free fall, Indian Oil Corp on Tuesday cut aviation turbine fuel (ATF), or jet fuel, prices by a steep 11.7 percent.
The state-run oil marketer also reduced the rates of non-subsidised cooking gas by Rs.25.50 per cylinder following a fall in international prices.
ATF price in Delhi was cut by Rs.5,469.12 per kilolitre to Rs.40,938.24 per kl, effecting a major reduction of 11.7 percent.
Jet fuel rates were earlier cut by 9.4 percent to Rs.46,407.36 on August 1 and by Rs.2,086.56 per kl to Rs.51,267.36 on July 1.
Jet fuel makes for over 40 percent of airline operating costs and the price cut will come as relief for cash-strapped carriers.
ATF rates vary at different locations owing to difference in local sales tax.
Rates of non-subsidised cooking gas - that consumers buy after exhausting their quota of subsidised cooking gas - were also cut on Tuesday by Rs.25.50 to Rs.559.50 for a 14.2 kg cylinder as compared to Rs.585 previously.
This is the third reduction in non-subsidised LPG rates rates in three months. Rates were last cut by Rs.23.50 per cylinder on August 1, and by Rs.18 to Rs 608.50 on July 1.
