The price of aviation turbine fuel (ATF), or jet fuel, in India fell on 30 June.
In Delhi, the commodity went from Rs.1,241 (€17.80) per kilolitre to Rs.61,169/kl – a drop of around 2% – which went into effect on 1 July.
The reduction is the sixth consecutive cut in rates since April when prices reached a record high of just over Rs.67,800. Prices are now level with those seen in October 2011.
The cost of jet fuel in the region reached an all-time high in August 2008 when it was priced at Rs.71,028.26/kl at a time when international oil rates hit $147 per barrel.
In Mumbai, the price slash saw fuel go from Rs.63,178/kl to Rs.61,934/kl on 3 July.
The revision will come as a relief to many cash-strapped Indian airlines that continue to shell out over 40% of their total operational costs on ATF.