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INDIA BUSINESS WORLD - 16th FEBRUARY - TO - 28th FEBRUARY - 2009
JET FUEL PRICES SLASHED 3.8%
STATE-RUN oil companies have slashed jet fuel prices by an average Rs 1,206 per kilolitre across cities, a company official said. This amounts to an average 3.8% fall in ATF prices.
"After the price cut, ATF will cost Rs 29,158 per kl in New Delhi, down by Rs 1, 130," said an official of Indian Oil Corporation, the largest fuel retailer in the country.
This is the 10th price cut since September 2008, when international crude oil prices started to decline. Jet fuel is the largest cost component for carriers. The fuel used by airlines till now was priced at Rs 30,288/kl. After the price reduction, jet fuel is close to early 2005 levels.
In Mumbai, home to the nation's busiest airport, ATF rates were down by Rs 1,191/kl to Rs 29,985/ kl. ATF prices had peaked at Rs 71,028.26 per kl (in Delhi) in August on international crude prices touching a historic high of $147 a barrel. But they have since been slashed every month till October and twice in November.
In Chennai, the revised price stands at Rs 32,525/kl while it is Rs 36,989/kl in Kolkata, the official, who asked not to be named, said.
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