Government refiners cut jet fuel prices by 6.8%

India’s state-owned refiners such as Indian Oil Corporation (IOC) reduced aviation fuel prices by 6.8% following a dip in oil prices and appreciation of rupee. Oil companies revise aviation turbine fuel (ATF) prices every fortnight on the basis of the average international prices in the previous fortnight. The lower ATF prices, which have dipped more than 57% from its peak in August 2008, will help reduce costs for the country’s airlines, which have already begun cutting fares. Domestic carriers announced cuts ranging from 40% to 80% in the basic fares, which in effect leads to a 25% cut in overall fares. (January 1, 2009)