Jet fuel prices SLASHED nearly 15%, costs LESS than petrol, diesel; Aviation stock rise

Jet fuel price in India: The steep cut in prices comes amidst the decline in crude oil prices for the last two months. This is considered as much-needed relief to cash-strapped airlines.

Jet fuel price in India: In a major relief to India's aviation industry, state-run oil marketing companies on Tuesday slashed jet fuel prices by around 15 per cent. (Getty images)

Jet fuel price in India: In a major relief to India's aviation industry, state-run oil marketing companies on Tuesday slashed jet fuel prices by around 15 per cent. Jet fuel price was cut by a record 14.7 per cent on the back of decline in international rates, which made it cheaper than both petrol and diesel. According to price notification issued by state-owned oil firms, the price of Aviation Turbine Fuel (ATF), which is used to power airplanes, was slashed by Rs 9,990 per kilolitre, or 14.7 per cent, to Rs 58,060.97 per kl. This is the second straight monthly reduction in rates and the biggest single cut ever. The last the prices were slashed by Rs 8,327.83 per kl, or 10.9 per cent, on December 1. The steep cut in prices comes amidst the decline in crude oil prices for the last two months. This is considered as much-needed relief to cash-strapped airlines. Rates are now cheaper than both petrol and diesel in most parts of the country and it is less expensive than even non-PDS kerosene in cities like Mumbai. A litre of petrol, used in motorcycles and cars, costs Rs 68.65 in Delhi as compared to Rs 58,060.97 per kl or Rs 58.06 per litre price for ATF. A litre of diesel, which is mostly used as fuel in trucks and buses, comes for Rs 62.66. Besides, the stock prices of the three listed airlines -- Jet Airways, SpiceJet and IndiGo -- rose on Tuesday. At the BSE, the stock of Jet Airways rose by Rs 3.40 or 1.22 per cent to Rs 281.05 from its corresponding previous close. The scrip of SpiceJet was up 1.18 per cent or Rs 1.05 to Rs 90.25 and IndiGo's shares ended higher by 0.05 per cent to Rs 1,166.35.