New Delhi: Indian Oil Corporation (IOC), the country's biggest fuel retailer, has slashed jet fuel prices to the lowest in seven months for both domestic and international carriers. According to a statement released by the state-owned oil major, the jet fuel price for domestic airlines in Delhi was cut to Rs 68,050.97 a kilolitre, marking an 11 percent fall from a month earlier (Rs 76,378.80). The decline comes after jet fuel prices hit a five-year high in November.
Mumbai recorded the maximum fall in jet fuel prices, among metro cities, as IOC trimmed cost to Rs 67,979.58 in December against Rs 76,013.20 a month ago.
In Kolkata, IOC reduced the price to Rs 73,393.55 in December as opposed to Rs 81,441.06 in November. Chennai also saw prices tumbling down to Rs 69,216.61 in December in comparison to Rs 77,521.63 a month ago. Mumbai recorded the maximum fall in jet fuel prices, among metro cities, as IOC trimmed cost to Rs 67,979.58 in December against Rs 76,013.20 a month ago. The fall in prices comes just days after ICRA said in its report that rising fuel prices and a depreciating rupee were proving to be a double whammy for India's aviation sector. Jet fuel for domestic flights in India is among the costliest in the world.