PSU oil firms cut ATF prices by 5.7%

New Delhi: After increasing it four times in a row, the state-run oil firms on Wednesday cut jet fuel prices by 5.7% on easing international rates.
Aviation Turbine Fuel (ATF) rates in Delhi were lowered by Rs2,221 per kilolitre to Rs36,338 per kilolitre, effective from Thursday, an official of Indian Oil Corp (IOC) said.
Indian Oil, Bharat Petroleum and Hindustan Petroleum had in the past two months raised ATF rates four times on firming international oil prices. Jet fuel rates were Rs31,614.51 per kilolitre on 1 May and in four instalments they were raised to Rs38,557.56 per kilolitre by 1 July.
“International rates have eased since,” he said. The basket of crude oil India buys has averaged for July at USD 63.42 per barrel. The July average was lower than USD 69.12 a barrel average price of Indian basket of crude for June. It was also lower than USD 69.57 a barrel average in the second fortnight of June based on which jet fuel rates were hiked by 6% from 1 July
15/07/09 PTI/Livemint

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Categories: Indian Aviation- In General Jul 2009