State-owned oil companies slashed jet fuel prices by 273 rupees per kilolitre the third straight reduction in rates since April. The price of aviation turbine fuel, ATF in Delhi was reduced by 272 rupees 76 paise per kilo litre to 67,046 rupees 95 paise per kilo litre with effect from midnight tonight. The reduction comes on back of 311 rupees 74 paise a kilo litre cut in rates effected from May and 169 rupees 3 paise per kilolitre price reduction from April 16. Jet fuel constitutes over 40 per cent of an airline's operating cost and the marginal reduction in prices will somewhat ease the burden of the cash-strapped airlines.