New Delhi, Jan. 31 (PTI): State-run oil firms today reduced aviation turbine fuel prices by 5.5 per cent to almost negate the steep hike they effected earlier this month.
ATF price in Delhi was cut by Rs 2,260 per kilolitre, or 5.48 per cent, to Rs 38,956 per kl effective midnight tonight, an official of Indian Oil Corporation Limited (IOC) said.
On January 16, IOC and other PSU retailers such as Hindustan Petroleum and Bharat Petroleum had hiked rates by 6.5 per cent to Rs 41,216.43 per kl.
The three firms revise prices on the first and the 16th day of every month based on the average global oil price in the previous fortnight.
In Mumbai, the rates were reduced by Rs 2,354 to Rs 40,181 per kl. Jet fuel constitutes roughly 40 per cent of the operating cost of an airline and the reduction in rates will help to ease the burden of Indian carriers.
Meanwhile Giovanni Bisignani, the CEO of the International Air Transport Association, said the global airline industry would take at least three years to recover from the impact of the worst recession in six decades. Revenues declined $80 billion last year, he said.
Source: http://www.telegraphindia.com/1100201/jsp/business/story_12051332.jsp
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