Oil Companies Cut Jet Fuel Prices By A Marginal Rs 350 Per Kilolitre (16-Feb-2012)
Oil companies have cut jet fuel prices by a marginal Rs 350 per kilolitre. This is the second reduction this month after the cut of 3% on February 1.
Indian Oil Corporation (IOC) has stated that the price of aviation turbine fuel (ATF), or jet fuel in Delhi was cut by Rs 350.7 per kilolitre (kl), or 0.5%. The revised prices of ATF would now be Rs 62557.12 per kilolitre in Delhi, Rs 70816.98 in Kolkata (against the current price of Rs 71155.22), Rs 63499 in Mumbai (Rs 63864.31) and Rs 67339 in Chennai (Rs 67702.21).
Jet fuel constitutes about 40% of an airlines' operating cost and the reduction in prices will slightly ease the burden on cash-strapped airlines.
The three public sector OMCs - Indian Oil, Hindustan Petroleum and Bharat Petroleum - revise ATF prices on the 1st and 16th of every month on the basis of the average international price in the preceding fortnight.
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