Aviation turbine fuel (ATF) rates have been slashed by over seven per cent by the state owned oil retailers. The rates will be effective from Monday mid-night.In Delhi, it has been reduced by 3,052 rupees or 7.17 per cent, to 39,504 rupees per kilo litre. In Mumbai, the price of ATF was cut by 3,180 rupees to 40,752 rupees on Monday. The reduction follows more than 10 US Dollars per barrel drop in international crude prices to around 72-73 US Dollars per barrel. Today's rate cut has wiped away most of the six consecutive hikes in jet fuel prices since March 1. No immediate comments could be obtained from airlines on the price reduction and if would be passed on to passengers.