The Aviation Turbine Fuel, ATF or jet fuel prices were today reduced by a massive 5 per cent, the steepest reduction in rates since February 2010. According to an Indian Oil Corporation, the price of ATF in Delhi was reduced by 3,260 rupees per kl to 62,410 rupees per kl with effect from midnight tonight.

The fifth straight cut in jet fuel rates since mid-April, is the steepest reduction in price in 27 months. State-owned oil firms had on June 1 slashed rates by 2 per cent 1,376.81 per kl and 753.8 per kl cut in prices in three previous fortnights.

After today's reduction, ATF price have come down to November 2011 levels after hitting a high of around 67,800 on 1st of April this year. In Mumbai, jet fuel will cost 63,178 rupees per kl as against 66,587.90 rupees a kl now.