Oil marketing companies have reduced aviation turbine fuel prices by Rs 5 per litre on Wednesday, July 1. Jet fuel will now cost Rs 110 per litre, according to Indian Oil Corporation data.
The latest cut is the first reduction since the Middle East conflict led to a spike in jet fuel rates to a record high.
The rate cut comes a day after the government revised export levies on petrol, diesel and ATF for the fortnight from July 1, while expanding exemptions for exports by state-run OMCs to Mauritius and the Maldives.
As per the revised rates, the export levy has been fixed at Rs 4 per litre on petrol, Rs 8.5 per litre on diesel and Rs 7.5 per litre on ATF. The duties will remain in force for the next fortnight and will continue to be reviewed periodically in line with movements in global crude oil and refined fuel prices.
The government exempted exports by public sector oil marketing companies to Mauritius and the Maldives from the export levies. The move expands the list of countries eligible for exemption under the government's export framework.
Before this revision, similar exemptions were available only for PSU OMC exports to Nepal, Bhutan, Bangladesh and Sri Lanka. With the addition of Mauritius and the Maldives, state-run refiners can now supply petroleum products to six neighbouring and strategic partner countries without attracting the export levy.
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