Jet Fuel (ATF) prices have been cut down by a massive 23%. This comes as a consequence to the drop in oil prices over the world. It now approximately stands at one third of petrol and diesel prices which continue to be stuck for the 50th day on Sunday. A litre of petrol in Delhi costs Rs. 69.59 while jet fuel is priced at Rs. 22.54 per litre, Diesel,which is used in trucks, buses and tractors, is also priced at Rs. 62.29 per litre. It is ainteresting to note here that now the subsidised cost of kerosene is also cheaper than these fuels. Its rates are down 13.3% to Rs. 39.67 per litre. This marks the steepest cut ever and sixth reduction in ATF prices since February. Originally, ATF prices stood at Rs. 64,323.76 per kl in comparison to Rs. 22,544.75 per kl.
Jet Fuel (ATF) stands for Aviation Turbine Fuel. Its price plunged by Rs. 6,812.62 per kilolitre to Rs. 22,544.75 per kl in Delhi. This change nearly accounts for 23.2% according to a price Notification issued by state owned oil marketing companies.
The oil public sector units have been regular revising ATF prices due to extreme volatility in the international oil markets. Petrol and Diesel rates were kept stagnant by the government after it raised its excise duty by Rs 3 per litre each with the intention of getting benefits from falling international prices.
Very evidently, the airline business is at a standstill after the pandemic has affected economies globally. However, despite this the oil companies still revise downward jet fuel prices. They do this on the first day of every month but on March 21 they decided to adopt fortnightly revisions to pass on the benefit of falling prices to the airlines.