New Delhi, Feb 16: With effect from Sunday, Feb 16, the Public sector oil companies have announced a slash of 3.7 pc in the prices of Aviation Turbine Fuel (ATF), the tenth reduction since last Sep. In New Delhi, the jet fuel prices were slashed to Rs 29,158 per kilolitre from Rs 30,288 per kilolitre.
In Mumbai the ATF rates are down by Rs 1,191 per kilolitre to Rs 29,985 per kilolitre. ATF prices rose to Rs 71,028.26 per kilolitre in Delhi in Aug 2008 with the peaking of global crude oil prices to 147 dollars per barrel.
Since then, fuel prices have been slashed every month and decreased twice in Nov.
The state-run Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum revise ATF rates on the 1st and 16th of every month based on the average international jet fuel rates in the preceding fortnight.
Will the airlines pass on the benefit of lower ATF fuel prices to passengers? Will they cut air fares? Should wait and watch.&13;&13;
OneIndia News (With inputs from Agencies)