Jet fuel or ATF price on Saturday was reduced by a steep 6.5 per cent and that of commercial LPG used by hotels and restaurants by Rs 69 per 19-kg cylinder on declining international oil prices.

Aviation turbine fuel (ATF) price was cut by Rs 6,673.87 per kilolitre, or 6.5 per cent, to Rs 94,969.01 per kl in the national capital, according to a price notification of state-owned fuel retailers.

The reduction follows a marginal 0.7 per cent (Rs 749.25 per kl) increase on May 1.

The ATF rate in Mumbai was slashed to Rs 88,834.27 per kl from Rs 95,173.70.

Prices differ from state to state depending on the incidence of local taxes.

Alongside, oil firms also cut the price of commercial LPG by Rs 69 to Rs 1,676 per 19-kg cylinder.

This is the third straight monthly reduction in rates. The price was on May 1 reduced by Rs 19 per cylinder and by Rs 30.5 on April 1.

Rate of cooking gas used in domestic households, however, remained unchanged at Rs 803 per 14.2-kg cylinder.

April 1 saw the first reduction in commercial LPG prices since January. The rate had gone up by Rs 14 per cylinder on February 1 and Rs 25.5 on March 1.

State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) revise prices of ATF and cooking gas on 1st of every month based on the average price of benchmark international fuel and foreign exchange rate.

Prices of petrol and diesel continue to remain frozen. Rates had been cut by Rs 2 per litre in mid-March. Petrol costs Rs 94.72 a litre in Delhi while diesel is priced at Rs 87.62.

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