IOC slashes jet fuel price by 23% to Rs 22,544.75/kl

Oil prices dropped 30% Sunday after Saudi Arabia announced it would boost production and cut prices.

Mumbai: State-owned Indian Oil Corp Ltd has slashed the price of aviation turbine fuel by 6,812.62 rupees per kl, or 23.2%, to 22,544.75 rupees per kl in Delhi, with corresponding changes in other states, as per information available on the website of the country’s largest fuel retailer. The price cut is effective from Friday.

This substantial reduction in jet fuel price by Indian Oil is seen as a result of the slump in international prices of crude oil and petroleum products over the past few weeks. With this price reduction, jet fuel is priced at 22,109.31 rupees per kl in Mumbai, 27,804.23 rupees per kl in Kolkata, and 23,414.80 rupees per kl in Chennai.

Public sector fuel retailers used to revise jet fuel prices once a month. However, in mid-March, they decided to increase the frequency on price revisions to once a fortnight to support airlines in view of COVID-19.

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