Will airfares get cheaper? Jet fuel prices cut to Rs 110/litre

NEW DELHI: The central government cut down the jet fuel, or aviation turbine fuel (ATF), prices for domestic airlines by Rs 5 per litre on Wednesday following a decline in international crude oil prices, offering some relief to after weeks of elevated fuel costs.With the latest revision, ATF now costs around Rs 110 per litre in Delhi, PTI reported citing sources.The price cut marks the first reduction since the Middle East war triggered a sharp spike in global oil prices, pushing aviation fuel rates to a record high.This comes a day after Centre updated export duties on petrol, diesel, and ATF for the two-week period starting July 1, without altering excise duties on petrol and diesel sold in the domestic market.The government revises these export duty rates every fortnight, taking into account the average global prices of crude oil, petrol, diesel and Aviation Turbine Fuel (ATF) since the previous review. The last revision was carried out on June 16. In addition to updating the rates, the Centre has widened the list of countries exempt from the export duty. Previously, public sector oil companies exporting petrol, diesel and ATF to Nepal, Bhutan, Bangladesh and Sri Lanka were exempt. The exemption has now been extended to include Mauritius and the Maldives.Get the latest business news and top stories. Download the TOI App.Ready to Make a Smarter Property Decision? Build Your Legacy with TOI Homes.