Centre Slashes Jet Fuel Prices By Rs 5 For Domestic Airlines After Dip In Global Crude Prices

The central government has slashed the prices of aviation turbine fuel or jet fuel by Rs 5 effectively for domestic air carriers.

This brings down the jet fuel cost burden of domestic aviation players to Rs 110 per litre. The relief for airlines comes as global crude oil prices ease with Brent crude trading around $73 per barrel and WTI rangebound around $70 per barrel.

The ease in global oil price comes after a fragile ceasefire between the US and Iran after months of war that disrupted the movement of oil and gas cargoes in the Strait of Hormuz. Earlier, jet fuel prices had hit record-high levels due to the conflict in West Asia, which weighed on the global oil prices. 

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However, energy prices have retreated in recent weeks after the US and Iran agreed to a ceasefire. Meanwhile, the centre on June 30 revised export duties on petrol, diesel and ATF for the fortnight beginning July 1, while leaving excise duties on petrol and diesel sold domestically unchanged.