Public sector oil companies have reduced the prices of aviation turbine fuel (ATF) by a whopping 5 per cent—the steepest reduction in the rates since February, 2010. According to Indian Oil Corporation, the reduction came into effect Friday midnight.The ATF or jet fuel price in Delhi has been reduced by Rs 3,260 per kilolitre to Rs 62,410 rupees per kilolitre.In Mumbai, it will cost 63,178 rupees per kilolitre.Jet fuel constitutes over 40 per cent of an airline's operating cost and the reduction in prices will ease the burden of the cash-strapped airlines.