Jet fuel prices were cut by a steep 5.8 percent on Monday to a four-month low on softening international oil prices, according to state-owned fuel retailers. Aviation turbine fuel price in Delhi was cut by Rs 3,806.44 per kilolitre to Rs 61,200.36 per kL. This is the second straight monthly price reduction.
State-owned oil marketing companies revise ATF prices on 1st of every month based on average of benchmark international oil price in the previous month. In Mumbai, home to country's busiest airport, ATF price was cut to Rs 61,199.79 per kL from Rs 64,946.04 per kL according to a price notification issued by oil companies. Rates were last cut by a marginal Rs 61.05 per kL on June 1. Reduction in ATF rates will bring relief to cash strapped airlines.
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Simultaneously, oil firms also cut the price of liquefied petroleum gas. Subsidised LPG rate was reduced by Rs 3.02 per 14.2-kg cylinder to Rs 494.35 in Delhi. In Mumbai, the subsidised 14.2-kg cylinder will cost Rs 492.04 as compared to Rs 495.09 till Sunday. The rate cut has come after four monthly increases since March. In all, rates have gone up by Rs 3.84 per cylinder.
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Following the same pattern, the cost of non-subsidised LPG—the one that consumers buy after exhausting their quota of 12 bottles of 14.2-kg at below market price, was cut by Rs 100.5 to Rs 637. The monthly 25 paise per litre increase in kerosene price continued for the 24th month in a row. While Delhi has been declared kerosene-free city after LPG penetration reached 100 percent of the population, the subsidised fuel in Mumbai now costs Rs 32.18 per litre as compared to Rs 31.92 a litre last month.
Rates have been increased by 25 paise per litre every month since July 2016 with a view to eliminating subsidy on the cooking fuel. Price of subsidised kerosene, sold through the public distribution system on ration cards, has more than doubled since the 25 paisa hikes were introduced. The fuel was priced at Rs 15.02 per litre in Mumbai before the hike was introduced. Non-subsidised or market priced kerosene rate was cut to Rs 61,926.40 per kl (Rs 61.92 per litre) in Mumbai from Rs 63,932.40 per kl (Rs 63.93 per litre) in June. At the current rate, it would take another two years to eliminate all the subsidies on kerosene.
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